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INTERNATIONAL 


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PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


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Paris, Saturday-Sunday, March 5-6, 1994 




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% Convicted 
In Bombing 
Of New York 
Trade Center 


w ' Compiled by Our Staff From Dispatches 
‘.J vtiW YORK — Four Muslim fundaznenuil- 
iSLS were convicted of conspiracy on Friday in 
die bombing of the World Trade Center a year 
ago, the most destructive act of terrorism on 

American soiL 

*. A federal jury found all four defendants 
guilty on all charges, including conspiracy, ex- 
plosives offenses and assault on a federal offi- 
cer. They could gel life in prison without parole 
when they are sentenced on May 4. 

- After the verdict, the State Department cau- 
tioned Americans overseas of possible attacks 
; by Islamic extremists. A spokeswoman, Chris- 
tine Shelly, said, “Americans overseas, espedal- 
fy those living in or traveling through the Mid- 
dle East, South Aria or North Africa, should be 
alert to continuing developments." She said 
. . Egypt was a source of special concern. 

~ '."The eight women and four men on the jury 
■" >. .^turned the verdicts in a heavily guarded 
rOburtroom on their sixth day of deliberations — 
and ax days after the first anniversary of the 
attack. 

^Injustice!” shouted one defendant, Moham- 
' med A- Salameh, as the verdicts were read. 

The other defendants started yelling at the 
jury in Arabic, and a man in the back of the 
•"c courtroom called out: “You are all liars! My 
' - • brother is innocent!" 

" . Judge Kevin Duffy said, “The outburst of the 

defendants was obviously planned." 

- -'l The trial had lasted five months and included 
207 prosecution witnesses, 4 defense witnesses 
- and more than 1,000 exhibits. 

Prosecutors said Mr. Salameh, 26, a Palestin- 
ian immigrant, helped bankroll the attack, built 
the bomb and rented the van that carried it into 
the trade center’s underground parking garage. 

They said Nidal A. Ayyad, 26. a chemist, 
ordered chemicals for the bomb and seat mes- 
sages lb news organizations afterward that the 
motive was to protest United Slates aid to 
Israel 

Witnesses said Mahmud Abohahma, 34, was 
frequently in the apartment where the bomb 
was built, while M ohamm ed Ahmad Ajaj, 28. 
provided bomb-making expertise. Mr. Ajaj was 
m jail on a false-passport conviction when the 
blast occurred. 

Mr. Ajaj live d in Houston, and the rest in 

See BOMB, Page 4 



i?[i 


Migfje Obajm/Apnot Fiancc-Prcac 

A Hasidic Jew inspecting the deserted Weston Wall in the Old City of Jerusalem on Friday after the Israeli government temporarily cut off access for security reasons. 

Tension High, Israel Puts Tight Grip on Holy Sites 


By David Hoffman 

Washington Post Service 

JERUSALEM — Three Palestinians were 
Irihed on Friday in dashes with Israeli settlers 
and soldiers, and Israeli policemen dosed the 
Western WaD temporarily and sharply restrict- 
ed access to Al Aqsa Mosque for Muslims. 

Tension remained high in the occupied terri- 
tories, and much of the West Bank was still 
under strict curfew as Israeli troops and police- 
men woe deployed in large numbers in Jerusa- 
lem and the territories a week after the massa- 
cre in the West Bank town of Hebron of dozens 
of Pales tinians unleashed violent protests. 


Fewer than 20,000 Muslims were permitted 
access Friday by Israeli authorities to Al Aqsa 
Mosque and the nearby Dome of the Rock. 
More than 100,000 would normally be expected 
for a Friday in the holy month of Ramadan. 

The police denied entrance to anyone be- 
tween the ages of 14 and 40, hoping to head off 
a repetition of incidents last week in which 
youths enraged by the Hebron massacre threw 
stones at the Western Wall below, the most 
revered rite for Jews. 

There were no mqjor incidents in the area as 
1,000 policemen ringed the compound. The 
Israeli authorities also refused to permit Pales- 


tinians to come to Jerusalem from the West 
Bank and Gaza Snip for prayer services. 

The closure of the Western Wall for an hour 
as a precaution during Muslim prayers was 
highly unusual and a rigorously Orthodox leg- 
islator, Menacbem Porush. told Israeli radio 
that it was “inconceivable that police allow 
Muslims in while Jews are being evacuated." 

But the Muslim prayer leader. Mohammed 
Kafrawi. said during his sermon: “Settlers are 
moving around freely and without restrictions 
while Palestinians face unjust curfews. How 
can P alestinians fed safe when there are other 
Baruch Goldsteins around?" 


Double-Edged Signed to Japan To Allies, a r Misguided 9 Move 


By Peter Behr 

Washington Post Service 

WASHINGTON — President Bill Clinton’s reinstate- 
ment of the controversial provirion of U.S. trade law 
known as Super 301 was dearly meant as a warning shot 
toward Japan. Bnt in keeping with the zen-like quality of 
the quarrel it was carefully aimed to avoid hitting its 
target . , .. 

By reviving what many consider to be Americas ulti- 
mate weapon in trade disputes, administration officials 
said they hope to: 

• B ring Prime Minister Morihiro Hosokawa of Japan 


bade to the bargaining table to revive talks that broke off 
last month over how to reduce Japan's global trade sur- 
plus. 

• Persuade Japan’s critics in Congress and the Ameri- 
can business community that the administration is not 

NEWS ANALYSIS 

losing its nerve in the gradually escalating test of wills with 

Japan. 

• Reassure European and Asian governments and 

See 301, Page 4 


By Tom Buerkle 

International Herald Tribune 

BRUSSELS — The revival of the United States’ most 
feared trade weapon underscores fundamental policy dif- 
ferences that risk exacerbating tensions between the Unit- 
ed States and its major trading partners and tarnishing the 
recently concluded world trade agreement. 

The decision reaffirms for trading partners the U.S. 
tendency to act alone and use its unsurpassed economic 
clout for commercial advantage, trade officials said Fri- 
day. 

The action also farmed fears that Washington's postwar 


commitment to freer trade is increasingly being overridden 
by demands for managed arrangements that would guar- 
antee U.S. companies a specific share of Japan’s market 
“1 am disappointed that the United States has resorted 
to unilateral action, which the European Union has always 
deplored and regrets." the EU trade chief. Sir Leon Brit- 
tan, said Friday on BBC Radio. “We don’t think you can 
carve out trade and say that the percentage of it going to 

See TRADE, Page 4 

Tough trade stance has failed to spur on Japan. Page 9. 



Zulu Chief and Rightist 
Register at the Last Minute 


Wh3e the army swept the 


Kevin CanavReweit 

on Friday, a resident kept up with her laundry. 


Compiled by Our Staff From Dispatches 

JOHANNESBURG — Zulu nationalists 
who vehemently opposed South Africa's first 
all-race election reversed themselves Friday 
and registered for the April vote. 

But the Zulu-dominated Inkatha Freedom 
Party set conditions for taking part in the elec- 
tion, and a leading pro-apartheid white group, 
the Conservative Party, refused to join its black 
ally in signing up for the vole. 

In a surprise, a leader of a second white 
rightist group, the Afrikaner People’s Front, 
registered For the election 1 5 minutes before the 
midnight deadline but said he had not consult- 
ed his party. 

Inkatha 's central committee, meeting in the 
KwaZulu homeland capital, Ulundl adopted a 
resolution setting conditions for its participa- 
tion. The conditions implied that the constitu- 
tion would have to be amended and that the 
date of elections would have to be delayed. It is 
now scheduled for April 26 to 28. 

The participation of Inkatha, led by the Zulu 
chief Mangosuthu Buthelezi, is regarded as 
crucial if the poll is to be held in relatively 
peaceful circumstances. 

About 14,000 people have died in the last 

four years in political violence, much of it fu- 


eled by rivalry between Inkatha and the Afri- 
can National Congress, which opinion polls 
show is expected to win the election comfort- 
ably. 

The Inkatha resolution adopted Friday read 
in part that the committee resolved “to state 
that any further steps in the electoral process 
will be conditional upon international media- 
tion taking place to assist in the resolution of 
outstanding constitutional differences.’' 

It said participation in the election also de- 
pended on “mediation about the process of 
amending the constitution and rationalizing 
the electoral process and timetables to translate 
constitutional agreements into a fair and free 
election in which all parties can compete on an 
equal footing.” 

The way was cleared for the central commit- 
tee decision on Thursday when the ANC ac- 
cepted Inkatha's demand for international me- 
diation on disputes over the constitution, 
which Chief Buthelezi says does not accommo- 
date his insistence on Zulu self-determination. 

Chief Buthelezi pul the mediation demand to 
the ANC leader. Nelson Mandela, on Tuesday, 
in their first meeting in nine months. He said on 
Thursday that because Inkatha had not 

See BALLOT, Page 4 


Lighter, Smaller, Cheaper: Lofty Achievementfor Satellite Phones 

j jz-i: .f wmohiAR H/vtfWs far afield can be consulted. “That med- NEC Coro, of Janan was tlw* first mmni 


By John Burgess 

v " Washington Past Service 

r WASHINGTON - From bis room at the 
Cairo Marriott, Gary Flaherty j^tedw^ 
'London. So be flipped open a special oner 
hear the window and pointed its ► wp ^ 

. Bte suspended invisibly in tbesw.^ra dty- » * 
*®inme or two. be had created his own pnwie 

w I 

Newsstand Prices . 

V Andorra 9.00 FF LJUjgJ*" ^ nDh 

Antilles. — 11 JO FF JlS^ Too Rials 
. Cameroon .. 1.400 CF A gHs^nJDFf 

;‘Z9YPt E. P.5000 gjj} jJrubia ..9.00 R. 

France 9.00 FF Sene9 al 960 CFA 

Gabon 960CFA spgin — 

' Greece .300 Dr. Tunisia 

‘Wry Coast .1.120 CFA Turkey 

- Lebanon ...USS1JQ U.S. __ 


earth station in the room and was (Hahsg a 
telephone stored in the briefcase. 

Satellite telephones have suddenly became a 
lot smaller, lighter and cheaper. The 85-pound, 
5ui tease-sized device that the CNN correspon- 
dent Peter Arnett made famous in Baghdad 

C during the Gulf War is re-emerging at 20 
ds (nine kilograms) and briefcase size. 
; used to cost $50,000 and require a wall 
socket or generator can now be had for $20,000 
gad runs off battcries- 
Employing the efficient digital technology of 
computers, the phones have shrunk to thepoint 
that makers hope they become common bag- 
aZe for executives visiting countries where 
phone service remains rudimentary. 

About 500 of these new devices, which went 
on sale last year, are in use around the world. 
-You can call from any location where you get 
a view of the sky," said Mr, Flaherty, president 


of GlobeSat Corp M one of several competitors 
in the satellite phone market. 

Well almost any location. The phones will 
not work near the north or south poles because 
no satellite is overhead 
For now. most customers are the traditional 
one: journalists, soldiers and relief workers. 
Users interviewed for this article seemed gener- 
ally satisfied with the new units, though they 
often noted the high cost. 

A CBS News crew took a briefcase unit into 
Beirut recently to stay in touch with colleague 
in other parts of the world When President Bui 
Clinton visited Prague in January, network 
crews phoned New York from a bridge, a plaza 
and other spots around the city to coordinate 
coverage. “They’re a really useful gadget," said 
Don DeCesare, vice president of operations. 

UN peacekeeping troops being treated by a 
U.S. Army medic in Macedonia may find that 


doctors far afield can be consulted "That med- 
ic has the ability to phone home," said Mqor 
James B. Crowther. who handles information 
systems. “And he’s not limited by distance, 
whether his best medical consultative support is 
]0 miles or 1,000 miles away ” 

The industry hopes the units' drop in size and 
cost will sharply expand the market. The new 
target customer, said Alan Brunstrom, market- 
ing manager al the communications consortium 
Inmarsat in London, is “the international 
reamer," or more specifically, “the business- 
man rather than the hard-hat specialist." 

Inmarsat, which operates the satellites, esti- 
mates that 100,000 units will be in use by 2000. 
A number of companies share that optimism. 

Mobile Telesystems Inc, which built Mr. 
Arnett’s unit and dominated the market for 
that generation of phone, is about to bring out a 
digital briefcase unit Other makers, including 
Globesat, are already on the market with one. 


NEC Corp. of Japan was the first company to 
bring out a digital phone. 

Each unit is its own miniature earth station. 
In sane, the antenna is built into the briefcase's 
top. By raising and lowering the top and rotat- 
ing the briefcase, the caller can aim the antenna 
at the satellite. Others have tops that can be 
detached and put on a roof, with the main unit 
staying in a room below. 

Using a map, the traveler determines the 
general vicinity of the sky where the satellite is 
stationed. Lights on the telephone unit come on 
to show when the antenna aim is "getting 
wanner.” Once locked on, the unit can place or 
receive a call. Calls cost about $5 per minute, 
roughly half of what calls on old satellite 
phones cost 

In addition to telephones, some units are 
designed to accommodate laptop computers or 

See PHONES, Page 4 



No. 34,528 


In the Gaza Strip, three Palestinians got 
insid e the Gush Katif settlement area and at- 
tacked Lhree Jewish settlers, Arab reports said 
They stabbed one settler, Yitzhak Cohen, who 
was’ badly wounded, and lightly wounded an- 
other, Stanley Sharon. A third settler then 
opened fire, killing one of the Palestinians, who 
has not been identified 
Later, Moutaz Mourtaja, a 17-y ear-old Ga- 
zan. put on a T-shirt bearing the likeness of a 
member of the Islamic Jihad extremist group 
who was killed last year after stabbing an Israe- 
li He then attacked an Israeli foot patrol with a 
See ISRAEL, Page 4 


China Seizes 
Dissident as 
Christopher 
Visit Nears 

Clinton Says Rearrest 
Of Top Activist Is f Not 
Helpful to Relations 9 

By Lena H. Sun 

Washington Peer Service 

BEUING — China detained Wei Jingsheng, 
its most prominent political dissident, on Fri- 
day, five days after Mr. Wei met with the senior 
American human-rights official and a week 
before Secretary of State Warren M. Christo- 
pher was to arrive for talks on rights. 

In Washington, President Bill CUnton said 
“We strongly disapprove of what was done, and 
it obviously was not helpful to our relations.” 

The State Department said the United Stales 
“would look with particular gravity upon any 
decision by Chinese authorities to subject Mr. 
Wei to additional suffering for the exercise of 
fundamental freedoms recognized by the world 
community.” 

A department spokesman, Christine Shelley, 
would not exclude the possibility that Mr. 
Christopher would cancel his visit to China. 
“At this point." she said “the secretary is 
keeping abreast of the current developments 
and wul certainly be interested to know what 
responses our ambassador gets to the queries.” 

“We deplore the detention of any individual 
for the peaceful exercise of freedoms enumerat- 
ed in the Universal Declaration of Homan 
Rights,” she said “This certainly casts a pall 
over the planned visit at this time. 

In addition to Mr. Wei’s arrest, four other 
dissidents have been detained in the last few 
days, apparently in a crackdown before the 
start next week of the National People's Con- 
gress, China’s parliament. One of the activists, 
the student leader Wang Dan, was released 
after 24 hours and told to leave town. He 
refused Three other dissidents were still miss- 
ing and presumed to be in police custody. 

Mr. Wei 43. was released from prison last 
September, about six months before the end of 
a 15-year sentence. 

Although the detentions contradict China's 
latest effort to improve its human-rights repu- 
tation, they are among the security measures 
Chinese authorities routinely take before major 
national meetings, like the two-week-long Na- 
tional People’s Congress, or the visit of a for- 
eign dignitary. Dissidents are detained before 
the event and, for the most part, freed after a 
few days. 

Moreover, the Public Security Bureau, which 
is charged with maintaining soda! order, is 
considered a more hard-line agency than the 
State Council Information Office, winch ar- 
ranged the trip for the American journalists and 
was set up to improve China's public image. 

In the case of Mr. Wei whose nearly 15 years 
in prison have made him China's foremost 
symbol of human rights, his detention may 
have been punishment for meeting with John 
Shattuck, assistant secretary of state for human 
rights. Mr. Shattuck, who left Shanghai for 
Hong Kong on Friday, condemned the devel- 
opments in China before the news of Ms. Wei's 
detention. 

“I am disturbed to learn of new reports of 
detentions in China," he said in a statement 
from Shanghai 

Over dinner at a luxury hotel here on Sunday, 
Mr. Wei told Mr. Shattuck that the United 
States needed “to be tough when dealing with 
China,” according to Tong Yl Mr. Wei’s secre- 
tary, who attended the meeting. 

Authorities have also confirmed that three 
other dissidents have been detained by the 
police. One of them was Zhou Guoqiang 39, 
who supported a “Peace Charter" calling for 
nonviolent political reform. 

The others were Wang Jiaqi, a worker in the 
legal field, and Yuan Houghing a lawyer who 
was an organizer or a petition dtive this year in 
which 350 people demanded justice in a case in 
which the police were accused of brutality. 


Kiosk 


Police Disperse 
10,000 in Cairo 

CAIRO (AP> — Policemen fired scores 
of tear-gas bombs, some into one of Cai- 
ro's oldest mosques, on Friday to disperse 
10,000 demonstrators protesting the He- 
bron massacre. 

A reporter saw at least 30 people being 
arrested, some badly beaten, during die 
protest at Al Azhar Mosque. A security 
officer said later that all were held for 
several hours and questioned, then re- 
leased. 

In a separate protest by about 2,000 
people in the Mohandeseen suburb, an 
Israeli flag was burned. The police pre- 
vented the demonstrators from marching 
The official state television service cut its 
transmission of Friday prayers from an- 
other major Cairo mosque, El Sayeda 
Zeinab, as worshipers began shouting 
ami- Israel slogans. 

General News 

Boris N. Yeltsin voiced the need for recon- 
ciliation with parliament. Page 2. 


Boat Review 
Crossword 


PageS. 




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previous doss 

DM 

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Pound 

1.4885 

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Yen ‘ 

105.60 

103.90 

FF 

5.B445 

5.8125 


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Page 2 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 5-6, 1994 


Common Ground 
With Parliament 


By Steven Erlanger 

New Vo* Tutus Service 

MOSCOW — President Boris N. 
Yeltsin on Friday denounced as 
unconstitutional illegal and im- 
moral the amnesty given to his op- 

K ts by Russia's parliament, 
: conceded the parliament its 
victory, saying that the country’s 
economic crisis required “main- 
taining and expanding common 
ground Tor interaction and cooper- 
ation in the state and society." 

Speaking in the Kremlin at a 
formal government meeting, which 
had been postponed because of in- 
fighting about the draft 1994 bud- 
get, Mr. Yeltsin and his prime min- 
ister, Viktor S. Chernomyrdin, 
both promised fiscal discipline to 
control inflation. But Mr. Ydtsin 
said: “It is a mistake to reform die 
economy at any price." 

Mr. Chernomyrdin promised to 
begin closing bankrupt enterprises, 
but said: “We must walk along the 
edge of a razor blade” between hy- 
perinflation and industrial col- 
lapse, “and we must not fall down 
on either side.” 

For the fust time, Mr. Cherno- 
myrdin criticized the chairman of 
the Central Bank, Viktor V. Ger- 
ashchenko, who suggested that in- 
nation was a “lesser evQ" than 
mass unemployment. Mr. Cherno- 
myrdin responded that lax mone- 
tary policies had not worked. 

"If we want to have a weak state, 
then go and give out money. If not, 
do not,” Mr. Chernomyrdin said 
with some passion. “It would make 
sense if Mr. Gerashchenko said 
what he said today a year ago. Bat 
now, the lime is out-” 

While Mr. Yeltsin continued to 
call for inflation to drop to 3 per- 
cent to S percent by the end of the 
year, Mr. Chernomyrdin thought 
the figure would be 7 percent to 9 
percent, while a draft budget ap- 
proved by the cabinet foresees a 
monthly average of 12 percent. 

All these figures are considered 
optimistic by Western economists, 
especially since the draft budget 
must be approved by parliament 
and many ministers are lobbying 
for greater spending. 

Former Prime Minister Yegor T. 
Gaidar, who quit the government 
along with Finance Minister Boris 
G. Fyodorov over their inability to 
control economic policy, said Fri- 
day be agreed with much of what 
Mr. Chernomyrdin said. 

“But in stabilizing the economy, 
what matters is deeds, not words,” 
Mr. Gaidar said, pointing to the 
contradiction between a relatively 
disciplined draft budget and gov- 
ernment promises to subsidize nu- 
merous sectors, especially agricul- 
ture. 

Mr. Gaidar said that Mr. Cher- 
nomyrdin's “razor blade” analogy 
between inflation and industry was 
overdrawn. “There is no such di- 
lemma.” Mr. Gaidar said. “Eco- 
nomic decline is mostly caused by 
our failure to adhere to tough mon- 
etary policies." 

Leonid Paidyev, director of the 
Economics Ministry's privatization 
department, said that “the real eco- 
nomic crisis is just beginnings and 
threatens to turn the government 
“into a hostage" of the industrial 
and agricultural lobbies. 

Mr. Yel tan’s political comments 


represented a considerable conces- 
sion to the lower house of parlia- 
ment, or State Duma, which is 
dominated by Communists and ul- 
tranationalists. 

Mr. Yeltsin has spoken many 
times before of concuiation after 
the Dec. 12 elections, which were a 
rebuff to his economic reform poli- 
cies- But the comments Friday fol- 
low the direct political challenge to 
him of the amnesty, which par- 
doned not only those who sought 
his overthrow last October, but also 
those he so famously stood up 
against in August 1991, when he 
climbed on a lank and made his 
reputation as a courageous demo- 
crat 

“J am fully aware of the contra- 
dictory nature of the decision made 
by the Duma and the haste with 
vouch it was fulfilled,” Mr. Yeltsin 
said of the amnesty and ihe rapid 
release of prisoners, which he failed 
to delay, losing his secret-police 
chief and prosecutor-general in the 
process. “1 believed and continue 
to believe that the constitution, the 
law and moral norms were violat- 
ed.” 

But he said that faced with con- 
frontation and a new cycle of vio- 
lence or compromise, his choice 
was clear. He said he was sure that 
the majority of the Duma deputies 
are “not suffering from political 
amnesia ” and understand the “ab- 
solute need to unite efforts to over- 
come the crisis and strengthen the 
state.” 

“Today in Russia,” he said, “de- 
mocracy means above all stability, 
order and cooperation." 

Mr. Chernomyrdin, who runs the 
economy day-to-day, then pledged 
his loyalty to Mr. Yeltsin as presi- 
dent and lambasted younger politi- 
cians and economic reformers wbo 
already talk about succeeding Mr. 
Yeltsin in presidential elections a 
little more than two years' away. 

And be gave vent to his dislike of 
Mr. Gaidar and Mr. Fyodorov. 
“Russia is not a racing car that one 
drives, then abandons and the 
country is left shaking as if in fe- 
ver,” said Mr. Chernomyrdin. “1 
am not one of those ready to leap 
from being bead of a laboratory to 
deputypnemier or to premier, if not 
to president” 




> 



v'Vf's 


By Fred Hiatt 

Washington Part Service 

MOSCOW — The night that Ivan Rybkin 
was elected speaker of Russia’s new parlia- 
ment, his wire burst into tears. 

Mr. Ryb kin’s immediate predecessor had 
ended up dazed and cowering in his office as 
tank shells shattered windows and blasted the 
facade off the parliament budding. 

“And if you look at the fates of earlier 

news is even Jess consoling, ” l^r™ Rybkin 
said, resorting to delicate understatement in 
this land of purges and political murders. 

“But don’t worry,” he added cheerfully in a 
recent interview. “Everything wdl be OK.” 

Soothing reassurance bas been his trade- 
mark since the little-known agrarian engineer 
burst into the fore of Russian politics with his 
election as speaker in January. 

Suddenly one of the most powerful men in 
Moscow and a posable 1996 presidential 
contender, Mr. Rybkin, 47, has muted his 
past ideology — communism — and political 
role — opposition — to preach reconciliation 
in a land of jangled nerves and extremism. 

To almost everyone's surprise, he has 
helped shape a working legislature out of the 
444-member State Duma, or lower house, 
despite its eight factions. Unlike his acerbic 


predecessor, Ruslan I. Khasbulatov, Mr. 
Rybkin has presided fairly and patiently, 
creating a mood of inclusiveness, if not rapid 
accomplishment 

His early success has raised tentative hope 
that Russia might move away from the con- 
frontational politics that brought the country 
to the brink of dvfl war last fall 

Now Mr. Rybkin is bringing his “let’s work 
things out” style to United States- Russian 
relations, flying into Washington on Friday 
as the guest of the House speaker, Thomas S. 
Foley. Democrat of Washington. 

Mr. Rybkin, in an interview this week, said 
that “little moments of rni plMcartt-neBs " Kka 
the recent spy scandal should not obscure 
the two nations' “deep-seated feelings of 
friendship” or interfere with ihtir “goal-ori- 
ented, strategic” partnership. 

Not everyone here is persuaded that Mr. 
Rybkin ’s positive thinking can overpower the 
nation’s daunting problems, or that he can 
become a serious player at a table where 
noisier politicians, uke the extreme national- 
ist Vladimir V. Zhirinovsky, are already el- 
bowing for space. Some suggest he will re- 
main a hostage of the powerful factions that 
helped elect him, including Mr. Zhirinovsky’s 
party and the Communists. 

But few disagree (hat Mr. Rybkin has 


helped calm the waters and change the terms 
of political debate. Even when he played a 
key role in the Duma's most concrete accom- 
plishment so far — a political amnesty free- 
ing from prison President Boris N. Yeltsin’s 
bitterest enemies — Mr. Rybkin managed to 
portray the act as a gesture of accord and 
co m prom i se. 

“If he hadn’t been elected Duma chairman, 
he could have made a career as a stake 
charmer” said Sergei Dorenko, a televirion 
correspondent, in a report after interviewing 
Mr. Rybkin. “I entered his office totally con- 
vinced that our authorities were experiencing 
a new crisis of power relations, and I left with 
the feding that it most all have been a halhid- 
naticBL" 

The amnesty, which allowed Mr. Khasbu- 
latov and fanner Vice President Alexander V. 
Rntskoi out of jafl, has been attacked by the 
reformist party Russia’ s Choice as renewing 
the danger of civil strife. But Mr. Ydtsin has 
responded cautiously, and Mr. Rybkin mast- 
ed that the amnesty would benefit all rides. 

Mr. Rybkin said he once believed in com- 
munism, “just like Gorbachev, Ydtsin and 
others.” 

But he added: “Now my views have 
changed radically on many points.” Today, 
he sard, he consders Himwtf a social demo- 
crat, like the Socialists of Sweden or Anstria. 


U.S. to Double Aid to Ukraine as Reward for Nuclear Accord 


By Steven Greenhouse 

New York Times Service 

WASHINGTON — With 
Ukraine having tentatively agreed 
to destroy its nudear weapons. 
President Bill Gin ton announced 
Friday that the United States 
would double aid to Ukraine, to 
about S700 million a year. 

The announcement was made as 
Mr. Clinton met here with 
Ukraine’s president, Leonid M. 
Kravchuk. American officials said 
they were seeking to reward Mr. 
Kravchuk for agreeing to eliminate 
Ukraine’s nudear arms and to en- 
courage him to press for economic 
reforms. 

In a ceremony at the White 
House, the two presidents signed 
several agreements, ioduding a 


friendship treaty, an agreement on Clinton would urge (he Interna- that the parliament wonld soon countries other than Russia would 
taxation, and an economic pact. tional Monetary Fund to withhold agree, though some officials fear receive more than half the $25 bil- 
The Clinton administration $U billion in loans for Ukraine that a declaration by Mr. Kravchuk Honrin aid authorized last fall for 


hopes that Mr. Kravchuk’s visit unless it takes bolder steps to priva- 
and a visit on Monday by President tize industry and curb inflation, 
Eduard A. Shevardnadze of Geor- currently running at about 90 per* 


that he would not seek another former'Soviet republics. 


Eduard A Shevardnadze of Geor- 
gia will hdp rebuff criticism that its 
policy toward the former Soviet 
Union favors Russia over the other 
14 republics. 

The new aid total for Ukraine is 
to include economic aid of $350 
million and $350 nrilHon to hdp 
disassemble the atomic weapons. 

Administration officials said 
that to further promote reform of 
Ukraine’s teetering economy, Mr. 


term may complicate matters. 


One subject that Mr. Kravchuk 


cent a month. 

The White House is disappoint- 
ed that Mr. Kravchuk will not be 
delivering Ukraine’s formal acces- 
sion to the accord to dinrinate nu- 
clear arms. He failed to persuade 
parliament to ratify the agreement 
he signed in January to dinrinate 
176 long-range missies and more 
than 1,600 nuclear warheads. 

UJ5. officials voiced confidence 


This raises the prospect that the and American officials are - certain 
administration might have identi- to discuss is the Crimea, a Black 
fied itself too closely with Mr. Sea peninsula that is part of 
Kravchuk, just as many critics have Ukraine but dominated by ethnic 
asserted it has done with Prerident Russians. On Jan. 30, the Crimeans 
Boris N. Ydtsin of Russia. chose a regional president who sup- 


be agreement But, as odc White House official 
to dinrinate said, “Kravchuk is the prerident of 
es and more Ukraine, and therefore he's the one 
irheads. we deal with.” 


ia. chose a regional president who sup- 

se official P 01 ^ seceding and joining Russia, 
eridentof Administration officials said 
i's the one they backed Mr. Kravchuk’s posi- 
tion that Crimea should remain 


A dminis tration officials said part of Ukraine. 


Mortar Fire Hits Britons 9 Base in Bosnia 


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Compiled by Our Staff From Dupatcha 

SARAJEVO, Bosnia- Herzegovi- 
na — British peacekeepers in cen- 
tral Bosnia came under mortar at- 
tack Friday, and the United 
Nations commander in the country 
appealed for 5,000 more troops to 
auoroe cease-fire lines between the 
warring rides. 

“There are people now prepared 
to go back to war.” said Sir Michael 
Rose, the British lieutenant general 
in charge of the 11,000 UN peace- 
keeping troops in Bosnia. 

Genoa! Rose was speaking in 
the central Bosnian town of Vrtez, 
where British peacekeeping troops 
have their operational headquar- 
ters. 

“We are already strained and 
things will get much more difficult 
as we gp ahead,” he said. 

As if u hi ghligh t his gloomy as- 
sessment, a UNoffitial m the Cro- 
atian capital Zagreb, reported a 
few hours later that British UN 


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troops at a nearby base had come France, whose 6,000 UN peace- 
under attack on Friday fra 1 the sec- keepers in former Yugoslavia rep- 


ond day in a row. 


resent the largest contribution, in- 


Tbe official wbo declined to be dicated Friday it will not send 
named, said three 82mm mortar more. A Foreign Ministry spokes- 
bombs had crashed into a base be- woman said other countries “have 
tween Zepce and ZadovicL A simi- not responded fully” to UN re- 
fer attack had taken place on quests. 

Thursday. There were no casual- D . . . , . . ... 

^ Britain has not ruled out adding 

Such incidents underline the ten- toils comfagcnt, but Foreign Sec- 

uons position of UN peacekeeping 

troops, who are thinly stretched 
across the country. UN member • a 

states have been resisting demands Kll CGIO A 
for thousands of additional troops XUlOOlCt riUM 
to enforce recent cease-fires which 
have reduced fighting in the Bosm- t» v p nil t 

lCTd fOT 

-an UNITED NATIONS, New Y 

Gmeral Rose said. AD you surprise mo*. widely seen as 

fiWnr nwmmKiK! Moscow’s desire to play a constru 
fire for one reason or another and ^Hing the Bosnian war, Russia 1 

£®^^^ tobecome iteotyectiou to a French plan f 

tu* ti* Serbian siege of Sarajevo a 
General Jran Qrt of France, the ^ acceSfi t0 other endred 
overaU UN Protection Force com- BMtSSzegovina. 

mander m framer Yugoslavia, on _ Jr . , . 

Thursday called lor an extra 10,000 , 1 new French resolution, 

men and General Rose said he charter provision that allows the! 
needed a minhmm of 5,000. Council to enforce its orders, ca 

UN commanders need troop® to plete freedom of movement for 
establish buffer zones, man check- population of Sanuevo. free cu 

points, operate patrols, guard reltef supplies, and the restoration 

weapons collection points, estab- Me in (he aty. 
lish rapid deployment forces to It also asks Secretary-General 
rush to areas of cease-fire viola- tros Ghali to appoint a civilian 

dons, and operate radar monitor- draw up a plan for the restoration 
ing equipment. 1 


retaxy Douglas Hurd said it “must 
be a shared effort, and there is such 
a iiring as fair shares.” 

Washington has refused to com- 
mit any ground troops without a 
political settlement. 

Joint commissions are marking 
the front lines in central Bosnia ana 
identifying UN buffer zones. 

(Reuters, AP) 


Tad KcnKjcWAgawe Fnaxfiae 

Defense Minister Pavd S. Grachey, right, commenting to Interior Minister Viktor F. Yerin at the Russian gorermnent meeting Friday. 

A Conciliatory Speaker Rises in Russia 


WORLD BRIEFS 


North Koreans Threatening to Balk 

TOKYO (AP) — North Korea threatened Friday to go back on its 
agreement to allow international inspections of its nudear plants unless 
the United States drops some conditions. 

In the agreement readied Thursday, the United States promised to 
reopen high-level talks with the Communist regi me an d suspend this 
year’s military exercises with South Korea in return for the North 
allowing the nuclear inspections and improving diplomatic contacts with 
the rival South. 

American officials say the U^-North Korea talks and suspension of 
military exercises also depended on an exchange, of speoal arrays 
between North and South, kit North Korea's first foreign vice minister, 
Kang Sok Jo, said the envoy exchange was not part of the agreement, 
which only mentioned renewed folk* for an exchange and “did not touch 
on the fulfillment of the exchange.” 

France Sends Warship to Cameroon 

PARIS (AP) — France confirmed Friday that it had sent a warship to 
Camer oon, a former colony embroiled in a border dispute with Nigeria 
over a peninsula with dl potential 

A Foreign Ministry spokeswoman said the ship was making a routine 
port call but implied that Cameroon asked for the vessel “The frigate 
Vandemfeire is just mating an ordinary stop, like French ships normally 
do along the Atlantic coast of Africa at the invitation of governments," 
she said. 

The warship’s arrival Wednesday in Douala follows the deployment of 
a srnftH contingent of French paratroopers and two combat-hdkopteis 
Sunday in Cameroon. Nigeria said the deployment was a provocation 
and accused France of meddling in the dispute over the Bakassi Peninsu- 
la. In December, Nigeria claimed troops from Cameroon invaded the 

^g^fesibsequently sent 1.500 troops. The two rides’ troops clashed 
briefly in February. 

Political Storm at Hungary Radio 

BUDAPEST (Reuters) — Hungary's state radio touched off apolitical 
storm on Friday by announcing the dismissals of 129 employees, mainly 
leading journalists. The dismissed workers and opposition parties brand- 
ed the move as an attempt to silence criticism or the government, two 
months before elections. 

Editors and journalists were dismiss ed as of April 12, but will be 
effectively banned from work from Monday, depriving the Hungarian 
radio of many of its leading reporters in the campaign period, journalists 
said at a trade union meeting. 

They said the move appeared to complete a process in which indepen- 
dent-minded journalists were dropped from the newscasts of national 
television ana radio, damaging prospects that the government and , 
opposition could agree on a long-disputed media bull before elections in 
May. In a statement published through the MTI news agency, the radio's 
vice president, Laszlo Csucs, said the 129 people were given pensions or 
laid off for reasons of economy. 

Majority Leader to Leave the Senate 

WASHINGTON (AP) — The leader of the Senate’s Democratic 
majority, George MitcheD of Maine, said Friday that he would not be a 
candidate for re-election. The surprise decision will complicate the 
Democratic Party’s efforts to hold its Senate majority. 

Mr. Mitchell purchased time on Maine television stations to make the 
announcement Friday night, and in a statement released by his office said 
it was time to pursue other challenges after 14 wars in the Senate. 

Mr. Mitchell 60, said he was in good health, “rm certain that if Fd run. 
I'd have been re-elected,” Mr. Mitchell said. He has been mentioned for 
the vacant job of commissioner of major league baseball 

U.S. Selling Skyhawks to Argentina 

BUENOS AIRES (LAT) —Over British objections, the United States 
is selling Argentina 36 A-4 Skyhawks with advanced radar to replace 
some of the planes lost by the Argentines in their 1982 war against Britain ’ 
over the Falkland Islands. 

Argentina will get the used American planes cheaply — $200,000 UP 
$300,000 each, accor ding to one source — but it will need to spend j 
hundreds of millions of dollars to have them refurbished and refitted. • 

The work win indnde installation of a Westinghouse radar system, ; 
classified as sensitive military technology, which Washington authorized , 
despite the British opposition. Lockheed Aircraft Service Co. is offering • 
to do a major share of the refurbishing, as wdl as operate an aircraft ' 
manufacturing and maintenance plant hr Argentina. Argentina lost 60 to j 
70 aircraft, mostly Skyhawks, in the two-month war. 


TRAVEL UPDATE 

Poland and Britain to Resume flights ; 

WARSAW (AP) — The national earners of Poland and Britain have ■ 
agreed to resume flights between Warsaw and London starting March 13, . 
ending a four-month conflict that suspended the direct air link between . 
the two countries, (he Polish airline said Friday. 

The Polish Airline LOT and British Airways reached a final agreement 
this week over the number of flights between Waisaw and London, which • 
was the core erf the conflict. The accord provides far nine flights a week ; 
for each carrier, although BA win have a 51 percent share of the market • 
and LOT 49 percent During the summer season, LOT and BA rail each ■ 
fly 12 to 15 times a week to Warsaw and London. 

About 150 vehicles piled up in fog in Parma, Italy, the police said > 
Friday, killing 4 people and figuring 50. (AP) [ 

A cnnse Kner ran aground off FinbmFs southern coast and all 1,100 •’ 
passengers and most of the crew of the Sally Albatross were evacuated, a ! 
sea rescue official said. (Reuters) : 


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Northwest Airimes wffl cut domestic air fares by as much as 45 percent [ 

for spring travel potentially starting a nationwide fare war. The North- ! 
west offer requires passengers to buy their tickets by March II, and the •' 
fares are valid for trips between April 4 and June 15. (AP) ! 


JfsCa-c-c. 


Russia Accepts French Plan to End Sarajevo Siege 


Sfron, 




By Paul Lewis 

New York Times Service 

UNITED NATIONS, New York — In a 
surprise move widely seen as confirming 
Moscow’s desire to play a constructive role in 
ending the Bosnian war, Russia has dropped 
its objection to a French plan for breaung 
the Serbian siege of Sarajevo and securing 
free access to three other encircled towns in 
Bosnia-Heraegovina. 

The new French resolution, based on a 
charter provision that allows the UN Security 
Council to enforce its orders, calls for com- 
plete freedom of movement for the ci vilian 


It also asks Secretary-General Butros Bu- 
rras Ghali to appoint a civilian official to 
draw up a plan for the restoration of essential 


public services in Sarajevo in cooperation 
with the Bosnian government. And it invites 
him to open a trust fund to collect contribu- 
tions toward the cost 

Finally, it requires the secretary-general to 
report on the feasibility of lifting the sieges of 
Mostar, Vitez, and Magfej on the baas of the 
same council resolutions that were used to 
justify NATO’s successful threat to bomb the 
Serbs unless they pulled their guns back from 
around Sarajevo. 

The new resolution thus falls well short of 
France’s original call for the United Nations 
to take over the administration of Sarajevo, 
something that the Muslim-led B osnian gov- 
ernment as well as Russia strongly opposed. 

But it marks an attempt to build on the 
effective cease-fire NATO has imposed on 
the city by restoring free movement and nor- 
mal services, and by trying to apply this same 
approach to other besieged towns. 


The resolution and Russia’s attitude to- 
ward it is also serai as a further sign that 
Russia has intervened in the Bosnian conflict 
with the aim of persuading the Serbs to ac- 
cept a peace compromise, according to diplo- 
mats at the United Nations. 

It tests the good will of the Bosnian Serbian 
leadership, which is being asked to restore 
free access to the city. But it may also test the 
attitude of the Bosnian government, which in 
the past hAs refused to let men of military age 
or with special drills leave Sarajevo. 

The French resolution hart earlier ap- 
peared dead after Russia threatened to use its 
council veto to block adoption unless the text 
was watered down to a point where it lost 
most of its significance. But after France sent 
a senior official to Moscow on Monday, Rus- 
sia agreed to bade the resolution with only 
min or mo dificati ons. 




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House Panel Clears Budget Plan for *95 

h ’^’rte I & se Budget Committee approved the 
heart pf Mr. Omton s (995 budget plan Thursday after rqecting a 
Offlubhcan alternative (hat included a $500-per-chfld tax audit for 
radle- and upper-income families. 

• ^1!°^ * to 17. along party lines to adopt a SI J trillion 
budget resolution for the fiscal year beginning Ocl 1 , the Democrat- 
iocomron«l committee trimmed $3.1 billion from Mr. Clinton’s 
to ^eep overall spending below a congressionally mandated 

The committee subtracted from and added to about 40 areas of the 
president’s budget. In reshaping the plan and achieving the overall 
spending reductions. 

Some substantial changes included a $225 million reduction in 
.million., defense spending, a $115 million cm in foreign aid, $550 
■mfllion of cuts and delays in federal building construction and $79 6 
billion in savings from a proposed federal employee buyout plan. 

At the same time, the committee voted to restore $494 billion in 
spending for low-income home energy assistance, $100 million for 
mass transit capital and operating grants. $80 million for emergency 
food assistance and $63 million of spending authority for Rural 
Electrification Administration loan guarantees. 

Martm O. Sabo, Democrat of Minnesota, the chairman of the 
House Budget Committee, said that the resolution called for a 
substantial increase in spending for criminal justice programs, edu- 
cation and transportation, including full financing of the highway 
construction program. (WP) 

Quote / Unquote 

Mr. Clinton, on meetings that members of the White House staff 
had with Treasury- officials investigating an Arkansas savings and 
loan; that was owned by a friend of the Clintons: “I think it would be 
better if the meetings and conversations had not. occurred.” (WP) 




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A woman in Cambridge, Massachusetts, lost control over her 
umbrella Thursday as winds ripped throogh the Northeast and 
cold spread to the Midwest Eight inches of snow fell in Boston 
and 29 inches in Horton, Maine. Some schools were dosed. 

Away From Politics 


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• A contractor charged the Pentagon $560,000 for employee confer- 
ences in Jamaica, Hawaii, Mexico and Grand Cayman Island, and 
another received $62,000 for use by employees of a company-owned 
fishing boat. Senator Tim Sasser, Democrat of Tennessee, chairman 
of the Senate Budget Committee, said these and other reimburse- 
ment requests were part Of “a pattern of abase.” 

• A newly identified cancer gene finked to ly m p hom a should lead to a 

fast, accurate diagnostic test for the disease, doctors said. Oncolo- 
gists at St Jude Chfldreri’s Research Hospital in Memphis. Tennes- 
see, have identified an abnormal gene present in c ance rous tissue of 
patients with a certain kind of non-Hodgkins lymphoma, which 
attacks lymph nodes, skin, soft tissue, bones and lungs. If untreated, 
the is usually fatal within several months. 

• Columbia has gone into into orbit with five astronauts on a two- 
week mission that could break the space shuttle endurance record. 

• Vhvpnta used its electric chair for the 259th time, possibly the last, 

to execute a man convicted of killing two store darks m a pair of 
robberies. Johnny Watkins Jr. 33, was pronounced dead at Greens- 
ville Correctional Center. . 

• A ban on lead and zinc fishme sinkers of less than an inch in 


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WESTF1ELDS rNTEKNATTONAI- ^ , \ in! jnia 21021 


Rose Law Firm Shredded Foster Papers, Employee Says 


By Stephen Engelberg 

New York Tima Service 

LITTLE ROCK, Arkansas —An employee of the 
Rose Law Firm here has told a federal grand jury that 
in late Jammy he was ordered to destroy a box of 
documents from the files of Vincent W. Foster Jr„ the 
White House lawyer whose suicide is nnder investiga- 
tion by an independent counsel. 

People familiar with the testimony of the employee, 
an in-house courier, said be had told the grand jury 
that he and a colleague had used a shredder in the 
firm's basement to destroy the papers. He testified 
that he had done so at the request of a clerk in the firm. 

The firm's former partners include President Bill 
Clinton’s wife, Hillary Rodham Clinton; Webster L. 
Hubbell, the associate attorney general; William H. 


Kennedy 3d, an associate White House counsel and 
Mr. Foster, the deputy White House counsel who 
committed suicide in July. All left the Him to go to 
Washington last year. 

The courier, a college student who is among several 
assigned to run messages and errands, told the grand 

{ ’uiy on Feb. 16 that be did not know precisely what he 
lad shredded but was certain the papers had come 
from Mr. Foster’s files, those familiar with the account 
said. 

He testified that he looked inside the box «nH saw 
that the papers were separated by binders marked with 
the initials VWF, the firm’s standard abbreviation for 
Mr. Foster. The box itself also bore his initials. No 
other employee at the Rose firm has those initials. 


The firm denied that any of Mr. Foster's documents 
were shredded 

The firm's lawyers declined to answer specific 
questions. 

While he was at the firm, he worked on a wide array 
of legal matters for the Clmtons, including the sale of 
their share of the Whitewater Development Co, a 
real-estate venture in the Ozark Mountains. At the 
time of his suicide, Mr. Foster was working on various 
personal matters for the Clintons, including taxes and 
the creation of die family’s blind trust. 

Investigators have sought dues to the circumstances 
of Mr. Foster's death, as well as the CUn loos’ finances, 


The courier testified that be had seen no references 
to Whitewater in the papers he shredded- 

■ Reno Supports HnbbeU 
Attorney General Janet Reno said she had full 
confidence in Mr. Hubbell and planned no inquiry 
into questions about his past client billings and ex- 
penses at the Rose firm. The Washington Post 
reported 

Ms. Reno said that she "knew nothing” about an 
internal law-firm inquiry into his activities until this 
week and was salsified mice he explained it to her. “I 
have worked with Webb Hubbell for a year now," she 


in everything from his internal memos and phone logs said “I have been extraordinarily impressed with his 
to his personal diaiy and even some cryptic scribblings honesty, his candor, his professionalism, and ihesacri- 
disco vexed among his White House papers. fices he’s making to serve the American people.” 


No Plot Seen Public Funds and Farrakhan 

OriiV l! J ^P a ^ er ^°^ jan Goingto Nation of Islam 


By Steven A. Holmes 

New York Times Service 

BALTIMORE — The four secu- 
rity guards sit serenely behind the 
plexiglass barrier in the barren lob- 
by of the Flagbouse Courts housing 
project. They tell visitors to pass 
through a metal detector, mow 
identification and name the resi- 
dents they want to visit 
Occasionally, one of the four — 
all young blacks whose contracts 
say they earn $1 1 an hour — picks 
op a walkie talkie, zips up his blue 
jacket and leaves the booth to pa- 
trol the building's hallways and 
staircases. 

For the most part, the guards 
look and act like any other guards 
keeping watch over a public-hous- 
ing project Only a patch on the left 
sleeve — a white crescent and star 
and “NOI Security” stitched on a 
red background — indicates they 
represent something different 
To many residents at Flaghouse 
Courts, near downtown Baltimore, 
the presence of the guards from a 
company affiliated with the Nation 
of Islam provides a ray of hope for 
hairing the drug dealing and vio- 
lence that infest the project 
But some Jewish groups and leg- 
islators like Representative Peter T. 
King, Republican of New York, 
have complained that employing a 
company affiliated with the Nation 
of Islam to protect public housing 
means taxpayer money is subsidiz- 
ing a hate group whose leader, Lou- 
is Farrakhan, routinely calls whites 
“devils” and has described Judaism 
as a “gutter religion. " 

For the Nation of Islam and its 
followers, the $2.8 million in con- 
tracts that the NOI Security Agen- 
cy has signed since June with the 
Baltimore Housing Authority to 
provide security at 10 high-rise 
public apartment bouses represents 
something e ls e 

Having preached for years a doc- 
trine that called for economic de- 
velopment, primarily by selling 
goods to other blacks’, the Nation's 
leaders are now aggressively seek- 
ing work from governments and 
white-owned businesses. 

“The businesses were never sup- 
ported by anyone other than Na- 
tion of Islam members,” said Iman 
W. D. Muhammad, who followed 
his father, Elijah M uhamma d, as 
leader of the group until he moved 
toward mainstream T-dam 15 years 
ago. 

“There was no government fund- 

ing ax all during the Honorable 

and the two other defendants, Bas- Muhammad’s lifetime,” he 

sam Reyati and Hlai Mohammad, “id- “That "was his policy. He 


New York Tima Service 

NEW YORK — Prosecutors in 
the Brooklyn Bridge shooting are 
emphasizing that the gunman they 
have in custody was alone in at- 
tacking a van of rabbinical students 
and with no official evidence yet 
emerging that he might have been 
part of a larger conspiracy. 

The suspecL, Rashid Baz, 28, a 
lively driver with a Lebanese pass- 
port, was being held without bail 
on charges of attempted murder. 
Two other men were charged with 
helping conceal evidence. 

Police officials said they were 
pursuing hypotheses that others 
were involved in the shooting. 

“All indications are that he acted 
alone and the others acted to cover 
up," one ranking official summa- 
rized. “We don't intend to leave it 
at that” 

Descriptions from acquaint- 
ances of Mr. Baz describe a man of 
mixed religious background, with 
no known militant ties and with 
few particularly sophisticated or 
strong political views. 

But police investigators insist 
that they have tracked him in the 
last two days as a man who bore 
grudges, collected weapons and 
proved capable of violent eruptions 
of emotion. 

The search for his personal and 
political history was pressed by city 
and federal officials as Mr. Boz’s 
lawyer, M. Michael Musa-Obre- 
gon, proclaimed his client's inno- 
cence. “His reputation in the com- 
munity is not a all that of a 
religious zealot,” the lawyer said. 

Nevertheless, Mayor Rudolph 
Giuliani said the city's law-enforce- 
ment agencies had been placed on 
an anti-terrorist alert. 

In the attack, the gunman inflict- 
I ed- Jevere gunshot wounds to the 
brains' erf two of the 15 yeshiva 
students in the van as it headed 
toward the Lubavitch Hasidic 
movement's Brooklyn headquar- 
ters. 

Aaron Halberstam, 16, has been 
declared brain dead but remains on 
a life-support respirator. Nachum 
Sossonkin, 18, also has a bleak 
prognosis. 

Police investigators unofficially 
reported that Mr. Baz contended 
that the attack grew out of a traffic 
fracas, hut they have discounted 
this on the evidence of the gun- 
man’s determined bridge pursuit 
and 20- shot fusillade. 

At the arraignments of Mr. Baz 


The flow of public money does 
more than bolster the financial 
base of the Nation. Some fonner 
members and other outsiders in ac- 
ademia or community groups who 
study the Nation see a parallel: as 
the group's acquisition of govern- 
ment contracts expanded, Mr. Far- 
rakhan’s speeches grew more mod- 
erate. 

The contracts have also drawn 
many public agencies into the na- 
tional debate over religious free- 
dom and racial bias that constantly 
shadows the Nation of Islam. 

The Nation first ventured into 
providing private security guards in 
1988, when the group began patrol- 
ling two apartment complexes in 

Second of a series 

Northeast Washington, near the 
Anacostia River. In 1990, members 
of the Nation formed the NOI Se- 
curity Agency, with headquarters 
in Washington. 

The company won contracts to 
guard HUD-subsidized apartment 
complexes in Pittsburgh in 1991, in 
Philadelphia and Los Angeles in 
1 992 and in Chicago and Baltimore 
in 1993. 

Though several of those con- 
tracts have not been renewed, and 
the one in Los Angeles was can- 
celed, NOI Security has continued 
to bring in more business. 

Another security company. New 
Life Inc., run by Mr. Farrakhan’s 
son-in-law, gets about $60,000 a 
month from the state of Illinois and 
Chicago for guarding public-hous- 
ing projects, and is part of a joint 
venture negotiating a $5 million 
contract with the Chicago Housing 
Authority to manage and guard an- 
other project on Chicago's West 
Side. 

A chain of health clinidsrun by a 
top Nation of Islam official re- 
ceived $213,000 last April in feder- 
al funds for a one-year contract to 
treat Washington AIDS patients. 

“We are not only pursuing the 
economic agenda of the Nation of 
Islam,” said Leonard Farrakhan 
Muhammad, head of New Life and 
Farrakhan’s son-in-law. “The Hon- 


orable Elijah Muhammad taught 
that black people in this country 
must establish their own economic 
base; their own farms, businesses, 
banks, insurance companies.” 

These contracts have caught the 
attention of critics of the Nation of 
Islam, especially Jewish groups, 
who say that public money should 
□ot go to individuals or companies 
affiliated with groups like the Na- 
tion. 

The security companies affiliat- 
ed with the Nation of Islam have 
chalked up some striking successes 
and suffered some stunning fail- 
ures. Nation of Islam security 
guards generally do not carry 
weapons, but have nonetheless 
been accused of violence in a few 
instances. And in some cities, they 
have failed to halt lawlessness at 
apartment complexes they were 
guarding. 

But in Washington and Balti- 
more there have been accolades, 
and more contracts. 

“They didn’t tiy to indoctrinate 
anyone.” said Gregory E Kanaka, 
director of operations for Coakley 
Williams, a Maryland construction 
company that hired NOI Security 
to guard a construction site in 
Washington. 

But poor evaluations led housing 
managers in Philadelphia, Pitts- 
burgh and Los Angeles to cancel or 
decide against renewing contracts. 

The Nation has also not enjoyed 
spotless records as guards: two 
members of a Nation of Islam secu- 
rity detail were convicted in 1992 of 
second-degree murder in the death 
of an unarmed patron at the In] 
wood, California, nightclub 
were guarding. 


The Clintons 9 French Chef 
Is Scratched Off the Menu 

Washington Post Service 

WASHINGTON — For the main course, the Clintons want 
American cooking. 

So Pierre Chambrin, the French chef at the White House, is 
leaving, along with three members of his staff. 

Mr. Chambrin is “really a wonderful French chef." but when the 
president and Mrs. Clinton moved into the White House “they said 
they were really going to showcase American cuisine,” said Neel 
Lattimore, spokesman for Hillar y Rodham Clinton. 

Although “Pierre was reaBv great and prepared wonderful 
menus,” the spokesman said, “he wanted to give the Clintons an 
' opportunity to have someone whose specialty or expertise is Ameri- 
can cuisine.” 

But the Clintons* culinary chauvinism stops at dessert 

The president who has a famous sweet tooth, is keeping on the 
head pastry chef. Roland Mesnier. who is no less French than Mr. 
Chambrin. Mr. Mesnier. who has been at the White House since the 
Reagan presidency, is the only person working outside France ever 
to win France’s pastry-chef-of-tiie-yeai 


lie-year award. That was in 1988. 


ngle- 

iney 


Britan* Gets New Top Spy 

Reuters 

LONDON — Britain said Fri- 
day that the new head of its MI6 
overseas spying agency would be 
David Sped ding, 51. a career veter- 
an and an Arabist interested in 
medieval history. He succeeds Sir 
Colin McColl appointed in No- 
vember 1988. 


Civil Aviation Authority 

AUSTRALIA 




REQUEST FOR 
PROPOSALS 

The Australian Civil Aviation Authority |CAAJ is currently 
designing a new system for selection and training of Air Traffic 
Control trainees. One of the developments as a consequence 
of this exercise is a move from mainframe simulation to 
woricstation/P.C. based simulation. 

The CAA invites suitably qualified companies to examine a 
detailed functional specification that has been prepared by the 
CAA (and is provided with the Request for Proposal document] 
and put forward proposals to supply and install stand alone 
P.C. based simulators at various locations around Australia. 

Responses to this Request for Proposal C94/1 1 are required by 
2.00pm. EST on Thursday 14 April 1994 and must be lodged 
at 

CAA Tender Box 

Ground Floor, Secondary Foyer 

Records Management Window .. 

Civil Aviation Authority 
Alan Woods Building 
25 Constitution Avenue 
CANBERRA ACT AUST2600 

Responses shall not be accepted at any other location. 

The Request for Proposal document or additional Information 
Is available on request from Mr Brian Keech on telephone 
61-6-2684209 or 
fax 61-6-2685695. 




the Maniiai Ian district attorney’s 
office offered an early sketch of the 
crime that depicted Mr. Baz as 
driving alone and shooting at the 
van of yeshiva students, then hur- 
rying from the bridge to seek help 
in concealing his crime. 

Assistant District Attorney Wil- 
liam Mahoney told Judge Albert 
Koch that Mr. Mohammad, 32, a 
Jordanian national, was told of the 
shooting by Mr. Baz shortly after 
the attack. 

Mr. Reyati, 27, a Jordanian na- 
tional who owned the Pioneer gyp- 
sy-cab service where Mr. Baz 
worked, also was informed after 
the attack that Mr. Baz “had shot 
some Jewish people on the Brook- 
lyn Bridge," according to Mr. Ma- 
honey. 


feared government involvement 
would take away from his control 
and plans for the businesses." 



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RELIGIOUS SERVICES 


AMSTERDAM 

CROSSROADS INTERNATIONAL CHUR- 
CH Interdenomradioml & Evangslcal Sun- 
dry Service 1030 am / Kids U&boina. De 
Cuseretraat 3, S. Amsterdam Info. 02940- 
15316 or 02503-41389. 

MADRID 

NTERNATIONAL COMMUNITY CHURCH 
OoiedQ B Porverir. Bravo Murflc 85. 28003 
Madnd_ Worship, 10:00 am, Rav. Jamas 
Thomas. TaL: 8565557. 

MILAN 

ALL SAINTS CHURCH 
duriu restoration vd met af 
fcfeso h »ie Chapai of the Oisoine 

’ Commwiion Sundays at 1030 and 
. at 1930. Sinday School. Youti 
Creche, Coffae, study ramps, end 
. adWies. Al are welcome! Cal 

(02)665! 

MUNICH 

INTERNATIONAL COMMUNITY CHURCH 
BangsCcaS. BHe Belming, services tel Enca- 
sh 4n5 pm Sundays at EnhUjerSlr. 10 (Q2 
Theresfenstr.) (009) K3 45 74. 

MONTE CARLO 

WTL FELLOWSHIP, 9 Rue Loufe-Notari, 
Sunday Worship 11:00 & 6 pm. 
TeL 92.165630. 

PARIS and SUBURBS 

HOPE INTERNATIONAL CHURCH (Ban- 
ge&af)- Sen. 930 am Hotel Orion. Metro 1 : 
Esptmade de La Mfense. TeL- 47,705334 
or <7.75.1 437. 

SAINT JOSEPH'S CHURCH (Roman 
Cafliofc). Masses Saturday Evening 630 
p.m., Sunday, 9:45, 11:00, 12:15 and 
6:30 p.m. 50, avenue Hocha, Paris 8th. 
TeL- 4237-2836 Metro: Charles de Gaule - 
Bote. 

STRASBOURG 

ST. ALBAN (Angfcan) al rEgfse des DomM- 
cains. Eucharist 1030 am comer BM. de ta 
Vlctoire & rue de rUnfvereM, Strasbourg 
(33)88350340. 

TOKYO 

ST. PAUL INTERNATIONAL LUTHERAN 
CHURCH, near lidabastt Sin. TeL: 326ir 
3740. Worship Service: 930 am Smfeys. 

TOCYOUMON CHUnCH,nearOmolesah- 
do subway sta TeL 3MHXW7, Wbcship ser- 
vices Srnday 830 & 11:00 am, SS * &45 
am 

VIENNA 

VIENNA CHR67WI CENTER. A CHARIS- 
MATIC FELLOWSHIP FOR MEDIA'S N- 
TERNATTONAL COMMUNITY, * Engfish 
Language ‘ Tiarfi^fanomhaUoneli meets el 
17, 1070 Vienna eno pm Ewry 
EVERYONE Ift WELCOME. For 
more narnelicn cat 43-1 -3is-74ia 


MUNICH 

THE CHURCH OF THE ASCENSION, Sun. 
1 1:45 am Hay Eucharist and Sunday School 
Nursery Care provided. Seybolhstrasse 4, 
81545 Munich (Hartaching). Germany. TeL: 
4809648185. 

ROME 

ST. PAUL'S WnHN-THE-WALLS, SUn. 830 
am Holy Eucherisl R*e I; 1030 am Choral 
Eudwtet FBs 1 1030 am. Chuih School far 
chidren & Ninety can pmidadt i pm Spani- 
sh Eucharist Ve Napoi 58, 00184 Rome. 
TeL 398 488 3339 or 396 474 3569. 
WATERLOO 

ALL SAINTS' CHURCH, Id Sm. 9 fl, 11:15 
am Holy Eucharist wiBi CWdren'e Chapel at 
11:15. Al ate r Surfws: 11:15 am Hoft Eu- 
chaost and Sunday School. 563 Chaussee de 
Louvain, Ohfte, Belgun. TeL 32ffi 3B4-36E6. 

WIESBADEN 

THE CH URCH OF ST. AUGUSTINE OF CAN- 
TERBURY, Sin 10 am Farttey Eucharist 
Frankfurter Sbassa 3, Wiesbaden, Germany. 
T«L 4961 1300.74. 


EUROPEAN 

BAPTIST CONVENTION 


THE EPISCOPAL CHURCHES 
OF EUROPE (Anglican) 


PARIS and SUBURBS 

THE AMERICAN CATVtEXTAL OF TLE HO- 
LY THIRTY, Sun. 98 11 am 10 am Stn- 
day School For children and Nueery care. 
Thrd Sunday S pm Evensong. 23, avenue 
Gengs V, Fans 75008. TeL 33h 47 20 17 92. 
Metis: GeapB Vor Alma Mwceau. 
HjORENCE 

ST. JAMES 1 CHURCH Sun. 9 am Ria I & 
11 am Rite ll. Via BemanJo RuceBai 9, 
5012a Florence, tttfy. TeL 3965 2944 17. 

FRANKFURT 

CHURCH OF CHRIST THE KING 
Epbnpd'An^caiii)Sui HciyQ»imurian8& 
11 am Stoday Scho ol and M iaery 1045 am 
5ebastyiFinzSL22,G0a23Frarlut,QeniiB- 
ny, U1.2, 3»*f*Mlee. TeL 49*95501 84- 

GENEVA 

EMVtANUEL CHURCH 1st, 3nJ8 SUhStn. 10 
a.m. Eucharist 4 2nd & 4th Sun. f 
r. 3 rue dB Morthoux, 1201 Geneva,! 
.TeL 4122 732 80 7S - 


EUROPEAN BAPTIST CONVENTION 
CHURCHES WELCOME YOU 60 Engish 
speaking Congregations In 17 European 
Countries. MerrtoBspfatWbrtlAaanoB and 
European Baptist Federation. Fbr WamaBon 
contact European Baptist Convention, 
Somertergerstr. 6a 065193 Wiesbaden. 
Tel: 0611 -£23018. 

BARCELONA 

FATTH FELLOWSHIP INTERNATIONAL 
meets at 1600, Bona Nova Baptist Church 
Carter de la CUal de Btdbguer 40 Pastor 
Lines Borden, Ph. 410-1661. 

BERLIN 

INTERNATIONAL BAPTIST CHURCH, 
BERLIN. Rofrertug Sr. 13. (SegHA BUe 
study 1045, worship al 1200 eacri Smday. 
Charles A. Watford, Pastor. Tel: 030-774- 
4670. 

RONN/KdLN 

THE INTERNATIONAL BAPTIST CHURCH 
OF BONN/K0LN. Rtarau Strasse 9, KOh. 
Worship 1:00 pm Calvin Hogue, Pastor. 
TeL- (02236347021. 

BRATISLAVA 
Bfcte study hErtffcri 

Pefeady Baptist Church Zrinskeho 2 1630- 
1745. 

BREMEN 

NTffWATTONAL BAPTIST CHURCH (En- 
gfah langirage) meets at EvoigeiBh-FraHr- 
chich Kreuzgemainda, Hohenlohestrasse 
HermanrvBDS&Str. (around the comer Iron 
the Baftrtof) Sunday worship 1730 Ernest 
D. warer. pastor. Td 04791-12877. 

BUCHAREST 

INTERNATIONAL BAPTIST CHURCH, 
Strada Pops Rubj 2Z SCO pm Corlact B3 
Rfchenfoon.Td 01 051-61. 

BUDAPEST 

Wematonal B*fet FMowsNp.BBtmbou5B 
i entrance Tapoksariyi u. 7, rnmedaldy 
lfttrten ta nm).1Q30BMe study. feOO 
pm Pastor Bob Zbitjen. TeL 1156116. 
Reached by bis 11. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH, 
Soto, Gnmd Narodno Sobronfe Square. Wor- 
ship 11:00. James Duke, Pastor. 
TeL 704367. 

CEUE/ HANNOVER 

INTERNATIONAL BAPTIST CHURCH, 
WhctnUan Stases 45, Cefe 1300 W 


DARMSTADT 

DARMSTADT/EBERSTADT BAPTIST MIS- 
SION. BUe study & Worst* Sinctey 1030 
am Stadmbston DsnEbereladL BueKhetotr. 
22, BUa study 930, worship 10*5. Pastor 
Jim WSbb. TeL 0815&800B216. 

dGsseidorf 

INTERNATIONAL BAPTIST CHURCH. En- 
gfieh. sjs. 1CH30, worship 11:05. CWcteerVs 
church and nusery. Meets et toe International 
School. LouctKortxiroor Ktahweg 2J3-Kaf- 
seraMfth. Friendy fefcwshfo. All 
tons welcome. Dr. WJ. Delay, Pastor. 
TeL 021 1/400 157. 

FRANKFURT 

INTERNATIONAL CHRISTIAN FELLOW- 
SHIP Ev an gefecfr-Fretachichfl Gemshde, 
Sodeneistr. 11-18, 6380 Bad Hombug, pho- 
ne/Fax: 06173-82728 serving the Frattul 
and Taunus areas, Germany. Sunday wor- 
ship 09:45, nursery + Stnfcyechool 1030. 
women's bite studies. Housegioiua - Sun- 
day + Wednesday 1930. Pastor M. Levey, 
member Euro pean Bap tist Convenfion. "De- 
dare His sfoty amongst Srenafions." 

BETHEL INTERNATIONAL BAPTIST 
CHURCH Am Dachsbetg 82, Frankfurt aM. 
Sunday worship 1 1 30 am and B30 pm. Dr. 
Thornes W. h*. pastor. TeL 069-549559. 

HAMBURG 

INTERNATIONAL BAPTIST CHURCH 
OF HAMBURG meets at TABEA FEST- 
SAAL, AM 1ST ELD 19, HamburftOstdorf. 
Bite Slidy alii 30 & Worship a 1230 each 
Sunday. TeL 040820616. 

HOLLAND 

THNTTY BAPTIST SS. 930, Worship 1030, 
nursery, warm fellowship. Meets at 
Bloemcamplaan 54 in Wassenaar. 
TeL 01 751 -78034. 

MOSCOW 

INTERNATIONAL BAPTIST FELLOWSHIP 
Meetng 1 100; Kino Ctrtor BtASng 15 Druz- 
Druzhmrovskaya UL5Bi Fbor, Hal 6, Metro 
Staten Benftadneya Pastor Brad Stcsriey Ph. 
(095)1503293. 

MUNICH 

INTERNATIONAL BAPTIST CHURCH OF 
MUNICH Hofcstr. 9 Engish Language Ser- 
vices. Bible study 16:Oo7worehip Service 
17iB. Pastor's phene: 680B534. 

PARIS and SUBURBS 

EMMANUEL BAPTIST CHURCH, 56 Rue 
des Bone-Raisins. Ruefl-Mahnafoon. An 


LOMXM; (061)891 -07191 
MUMCff: (0621) 47-24-8a 
(CTHBHJMKi (071) 14-0988. 

MURNBERO/FRANCONIA: (0911) 
46 7307. 

RARtoe (1)42-77-96-77. 
ZURSCWHDITERTTRIRr (05^ 213 733Z 
MFOnunOM [40] (B21)58-17ia 


ASSOC OF INTI CHURCHES 
IN EUROPE &MIDEA5T 


BERLIN 

AMERICAN CHURCH IN BERLIN, cor. d 
Clay Alee & Potsdaner Str., SS. 930 am, 
Vtershjp 11 am TeL D30«1 32021. 

BRUSSELS 

THE INTERNATIONAL PROTESTANT 
CHURCH OF BRUSSELS, Sunday School 
930 am and Chuch 10rf5 am Kafertog, 
19 (al the Int. School)- Tel.: 673.05.81. 
Bus 95. Tram 94. 

COPENHAGEN 

NTeWATBNAL CHURCH o( Copenhagen. 
27 Fanratgada Vertov, near Rtotus. Study 
10TI5 & Worship 11 30. TeL 31624785. 

FRANKFURT 

TRIWTY LUTHERAN CHURCH Mbdtongen 
Alee 54 (Across from Birger Hospial). Sun- 
day ScTiOCl 930. worshp 11 am. TeL (069) 


western 
; Worship: 10:45. ChUenns 
Chudi aid Nursery. Youtn mHeMas Dr. Brt. 
Thomas, pastor. Call 47.51.29.63 or 
4749.1529 for Motmrfon. 

PRAGUE 

international Baptist F6lowsh|D meats at the 
Czech Baptist Church Vmohradeka « 68, 
Prague 3. At metro stop Jotaz Podebrad 
Sunday a.m. 11:00 Pastor Bob Ford 
(02)3110683- 

WUPPERTAL 

M ematfonel BaptW Chuch. English, Ger- 
man, Persian. Worship 103Q am, Geferetr. 
21, Wlppertal ■ EbariaM. Al dencm ine fons 
welcome. Hans-Dteter Freund, pastor. 
T6Lte02A6g63B4. 

ZURICH 

INTERNATIONAL BAPTIST CHURCH oi 
WSdenswi (Zurich), Swfcetend, Roeatoag- 
st rasas 4. Worship Services Sunday 
motrfngs 1130. TeL 1-7 


GENEVA 

EV. ULfTHEHAN CHURCH of Geneva, 20 
rue Venfene. Sunday worship 930. to Ger- 
nai 11 30 n Encash. Tet (022) 3105089. 

LONDON 

AMSUCAN CHURCH in London el 79 Tot- 
tenham CL Rd. Wl. Worship 9-00, SS at 
11X00 am. Sung worship ed 11 amGoodge 
SL Tube; Tet 071 -580 2791. 

0510 

American Lutheran Church, Frlt a i e reg L 15 
Worship 8 Sunday School 10 a.m. 
TeL- (02) 443534. 

PARIS 

AMERICAN CHURCH IN PARIS Won**) 
11:00 am. 65, Quai cTOnay, Paris 7. Bus 63 
at door, Metro Afoa-MacBau or tnuddee. 

STOCKHOLM 

IMMANUEL CHURCH Worship Christ h 
Swedish, Engfeh. or Koiwi. llflOam 
Sunday. Birger Jartsg. et Kungstensg. 
17. 46/08 / 15 12 25 x 727 for more 
informgftn. 

VIENNA 

VIENNA COMMUNITY CHURCH Sunday 
worship In English 1130 A.M., Sunday 
school, nusery, tofomationd, bB denomiio- 

fioro wefoome. Dootoeergaese 16, Vienna 1 . 

WARSAW 

WARSAW INTERNATIONAL CHURCH. 


UNfifAUAN UMVERSAUST5 


UNTTARIAN UNIVERSALJST tetowshfos & 
oortactsn Europe include: 
BARCELONA:^ 3149154. 

BMIS8B& TeL- (02) 660Q22& 
HUU MMW TiWI E S BA PHt p612B) 72109. 
S£«EVA®3W: ®22) 7741596 
mOOMEUk (06221) 78-2001 or (0621) 
58171S 


days 1100 am (SepL-May), 10 am (Jme- 
Aug.); Sunday School £55 (Sept-May) UL 
Mcdowe 21. Tel: 43-29-70. 

ZURICH 

KTEFNATIONAL PftCfTESTANT CHURCH 
Engish qjeefong. wotehfo service. Surtoay 
School 8 Nursery, Sundays 11:30 ajn., 
Sdianzengasse 25 . TeL (01) 262S25. 









Page 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 5-6, 1994 


** 



Kabul Siege Strands Refugees 

Relief Agencies Overwhelmed b y Exodus 


By Molly Moore 

Washington Post Service 

JALALABAD , Afghanistan — 
The rockets and artillery shells that 
smashed into Shah Zta’s house in 
Kabul drove her here a few days 
later, to a muddy roadside, where 
the shivering woman squatted and 
began to give birth in the pouring 
winter rain. 

Mrs. Zia was among about 
150,000 people who have escaped 
the most violent siege of Kabul 
since waning factional leaders be- 
gan shdling the Afghan capital al- 
most two yean ago. The exodus has 
been so large in the last four weeks 
that refuges have overwhelmed re- 
lief agencies, leaving tens erf thou- 
sands living on barren plains 
strewn with land mines, without 
adequate food and in the midst of 
the Afghan winter. 

“My house, everything I owned, 
was destroyed," said Mrs. Zia, 20, 
who has spent the last week shuf- 
fling her newborn and four other 
children from tent to lent, relying 
on the generosity of refugees who 
were fortunate enough to get tats 
before the United Nations relief 
effort ran out. “I was able to pull 
only myself and my children from 
the war zone." 

Since the New Year’s Day siege 
began, about 1,000 people have 
been killed in Kabul and more than 
half of the city’s dwindling popula- 
tion have fled their homes, accord- 
ing to international relief agencies. 

The situation in Jalalabad has 
been made worse by neighboring 
Pakistan's decision to bar refugees 
from crossing its borders and % a 
week-old blockade of Kabul Refu- 
gees and relief agencies say the 
blockade is creating food shortages 


and has driven the prices of exist- 
ing food supplies out of the reach 
of many residents. 

Almost as many civilians have 
been killed in the last eight weeks in 
Kabul as were killed m the last 
agfat months in Sarajevo, the Bos- 
nian capital, where 1,097 have died 
since May 1993. But Afghanistan 
has received only a fraction of the 
international attention, a reflection 
of how the end of the Cold War 
elimina ted its strategic importance 
to the United States and the former 
Soviet Union. 

The tide of refugees leaving Ka- 
bul has swelled rapidly, and the 
UN High Commissioner for Refu- 
gees, which set up a camp on a 
plain that was once one of Afghani- 
stan’s biggest battlefields and still 
has land mines, is unable to meet 
the demand. 

While 48,000 people have been 
supplied with tents, blankets and 
minimal food rations at the camp, 
more than 30,000 others line the 
roads and live in the rocky, treeless 
fields, awaiting shelter and provi- 
sions at the Sarshahi fnmp near 
Jalalabad, 130 kilometers (80 
miles) east of Kabul An additional 

2.000 new refugees arrive daily. 

Jalalabad, a dusty city of about 

400.000 that has bom hard-hil by 
the influx, is jammed with refugees 
selling their remaining possessions 
to raise money for food. 

“There are such a massive num- 
ber of people in the camps,” said 
Jeremy Hartley, who heads the 
Utricef program for the refugees in 
Jalalabad. “We haven't been able 
to get enough food and supplies to 
meet the demand.” 

Afghan and international relief 
officials say they are facing the big- 
gest aid crisis in Afghanistan since 


1st gOYi 

President Najibullaii M in the 
spring of 1992 “If something is not 
done, the situation wfllget very bad 
very quickly,” said William Hath, 
the country director for CARE 

Throughout the 14-year war be- 
tween the Soviet-backed Commu- 
nist government and the U.S.-sup- 
ported mujahidin, Kabul which 
was heavily defended, escaped un- 
scathed, and its copulation swelled 
with civilians fleeing fighting in 
outlying areas. 

But since the fall of Major Gen- 
eral NajibuUah, Kabul has become 
the focus of a power struggle 
among factional leaders. The aty 
has been under nearly constant 
siege since August 1992. It suffered 
the most deadly attack on New 
Year’s Day, when the country's 
prime minister, Gulbuddin Hek- 
matyar, and one its most powerful 
factional leaders. General Abdul 
Rashid Dustam, joined forces in an 
attempt to overthrow President 
Burhanuddin RabbanL 

In the last seven weeks of fight- 
ing, in which neither side has made 
major gains, entire neighborhoods 
have been flattened by bombing 
raids and artillery barrages. Relief 
agencies estimate that Kabul's pop- 
ulation has sln wk from more than 
2 million two years ago to less than 
700,000 today. 

The International Committee of 
the Red Cross said this week that 
about 300,000 people were refugees 
within Kabul moving from their 
homes in battered neighborhoods 
to sections of the dty that have had 
less s helling . Red Cross officials 
said that about 30,000 people in the 
city were homeless, living in 
mosques, bombed-out schools and 
other public buildings. 



Snpd Azm/Tte AaeodMcd Pick 

Homeward-bound Marines waiting at Mo gadfahn airport Friday for transport aircraft, as flrapgBont of American troops continued. 

Somali Gunmen Attack the Italian Embassy 

MOGADISHU, S omalia (Reuters) — Up 
to 30 Somali gunmen attacked the Italian 
Embassy in north Mogadishu on Friday and 
soldiers inside killed at least one So mali when 
they returned fire, militar y officials said. 

The Italians, scheduled to pull out their 
troops along with other Western peacekeep- 


ers before the end of March and evacuate 
their embassy, drove off two assaults by the 
gunmen who quickly vanished when U.S. and 
Italian helicopters took to the tides. An Ital- 
ian military spokesman speculated that the 
attackers wanted to loot the embassy, but 
Somali witnesses said the attackers were for- 


mer embassy employees dissatisfied with 
their severance pay. 

Near the southern Somali port of Kismayu, 

rival militias ski rmishe d while fighters 
allied to the dominant warlord, Mohammed 
Farrah Aidid, dosed in cm the contested area. 
UN militar y officials Said. 


BOMB: : ^ ‘ 

4 Guilty in N.Y. - W* 


301 : { 7 . 5 . Is Sending a Double-Edged Message of Threat and Reassurance 


German Tourist Is Wounded on Nile 


The A ssociated Press 

ASSIUT, Egypt — Gunmen at- 
tacked a tourist boat on the Nile on 
Friday, shooting a German woman 
in the neck as it passed a village 
known for Islamic extremism. 

The attackers fired on the boat 
with machine guns as it passed 
Sidra, according to security offi- 
cials in AssiuL 200 miles (320 kilo- 
meters) south of Cairo. 

The boat, which had 33 German 
passengers, was the second boat in 
a two-boat convoy traveling north 
hem Luxor to Cairo. Its windows 


were smashed, but tbe accompany- 
ing cruiser was not hit. 

Hospital spokesmen said the 
woman was in critical condition. 

A German Embassy spokesman, 
Jurgen Stdtzer, said the police 
guards returned fire, but there was 
no word on whether any erf the 
attackers were hit. 

Tbe police in Assiut said security 
men on the boat ordered the cap- 
tain to take the vessel to nearby 
Abu Tig after tbe attack rather 
than put the victim ashore at Sidfa 
because erf better medical facilities 
and security conditions. 


Abu Tig itself has been the site of 
several attacks by Islamic extrem- 
ists m two years of confrontation 
with President Hosni Mubarak’s 
largely secular government. A1 Ga- 
in aa al Islamiya, the Islamic 
Group, wants to install a Muslim 
regime. 

The district around Assiut is the 
center of the anti-government agi- 
tation. More than 300 people have 
died since early 1992. Tounsm was 
the country's most lucrative indus- 
try before the attacks began. Three 
tourists have been killed and doz- 
ens wounded. 


Continued from Page 1 

American free-trade advocates that the United 
States has not corned into a shoot -from- the-hip 
trade vigilante, settling scores on its own terms. 

In broadcasting this doubled-edged meccapp 
of threat and reassurance, the administration is 
wa lkin g a fine line between its co nflicting goals 

Super 301, which lapsed four years ago, cre- 
ates a timetable for identifying the for eig n trade 
practices that do the most damage to U.S. 
exporters. 

The U.S. trade representative, Mickey Elan- 
tor, said Thursday those decisions could come 
anytime after March 31, when his office re- 
leases its annual assessment of trade barriers. 
But, he added, the target list is not expected to 
be issued until Sept 30 — the full, six-month 
period provided by Mr. Clinton's order. 

That is all that Super 301 does. Once coun- 
tries and barriers have been targeted, the ad- 
ministration must use other trade provisions to 
take the steps that could lead to the imposition 
of prohibitively high tariffs on goods from the 
offending country. 

If Mr. Clinion and Mr. Hosokawa canno t 
reach agreement and Japan is targeted as a top 


priority trade offender in September, that 
would trigger another period of review, pres- 
sure and consultation that could last a year to 
18 months, officials said. 

In addition, if the dispute nms its full course, 
decisions on major parts of the argument would 
come not from US. officials, but from an 
international panel unde the General Agree- 
ment on Tariffs and Trade. 

Mr. Qlnton's decision to reinslate Super 301 
was made only after a sharp debate among his 
advisers. While most favored acting for various 
reasons. Laura D* Andrea Tyson, diakman of 
the president’s Council of Economic Advisers, 
argued that this was the wrong time and tbe 
wrong circumstances to take such a provocative 
step, administrative officials said. 

Bat most of Mr. Clinton’s team felt the Super 
301 signal had to be sent, they said. 

Since Mr. Clinton called for reinstating Su- 
per 301 in the 1992 presidential campaign, a 
delay would have undermined his credibility 
with Congress, where the measure has a strong 
following. 

The next step is up to Japan, according to 
Mr. Kantor. Mr. Hosokawa has promised to 
prepare actions that Japan would take to re- 


move regulations that stifle competition, some- 
thing that would both respond to U.S. com- 
plaints and be in Japan’s economic interests as 
wdL 

A dminis tration officials are divided about 
whether Mr. Hosokawa and his splintered po- 
litical faction can pull this off. Pessimists see no 
evidence yet that he can. The optimists believe 
the climate of political and economic reform in 
Japan is real, if fragile. 

A few promising signs have appeared, offi- 
cials said. Japanese officials and telecommuni- 
cations executives are trying to resolve a dis- 
pute over tbe sale of American cellular phones 
in the Tokyo area. 

And on Thursday, Soichiro Toyoda, chair- 
man of Toyota Motor Coip., said that tbe 
Japanese an to industry was ready to adopt 
“voluntary numerical goals" for increasing pur- 
chases of American-made auto parts, as long as 
the United States does not view them as bind- 
ing commitments. 

But some of Mr. Clinton’s advisers say they 
harbor no illusions that the warning shot 
Thursday has fundamentally changed the un- 
chartered course of tbe trade dispute with Ja- 
pan. 


1 

New Jersey suburbs of New York 
City. Defense attorneys contended 
that the government twisted the ev- 
idence to spin a web of conspiracy - 
trapping the defendants. _ 9 

Although some defease lawyers 
would not even concede that it was 
a bomb that devastated the trade 
center, Mr. Salameh’s lawyer, Rob- 
ert Precht, smprismgly said in das- 
mg arguments that there was a 
bombing conspiracy and that his 
client was involved. ’1 

Mr. Precht insisted that Mr. Sa- 
lameh was an unwitting dime of tits 

S 's ringleader, Ramzi Yousef^ 
five, and therefore was not 

Mr. Salameh wrote a letter to 
J udge Duffy, saying, “I object to 
everything Mr. Precht said in fife 
summati on." 

But Mr. Precht stood by his ar- 
gument and said Mr. Salameh still 
wanted his representation. 

The bombing on Feb. 26, 1993, 
killed 6 people, and more than 
1,000 were injured in the 3 10-story 
twin towers. The blast blew a fivg- 
stoty-deep outer in a garage be- 
neath the trade center. 

Tens of thousands of people ffA& 
down smoky, dark stairwells in -a 
six-hour evacuation. 

Two days later, deep in the nib- 
ble, FBI agents found van parts 
with vehicle identification nurif- 
bers. That led them to Mr. Sala- 
meh, who was arrested March 4, 
1993, as he tried to recover a $400 
deposit on the rental van. -.“ 

In all seven men were charged 
with conspiracy in the bombing. 
Bilal Alkais i, 28, is awaiting trial 
and Mr. Youset 26, and another 
suspect, Abdul Yam 33, arefug> 
lives. 

In a related case, 15 others ate 
charged with plotting to blow up 
the United Nations, the federal 
building housing the FBI and tyjfo 
tunnels and a bridge connecting 
Manhattan and New Jersey. The 
trade center bombing is said to & 
part of that conspiracy, the trial is 
scheduled for this falL ^ 

One defendant in that case # 
Shwlrh Omar Abdel Rahman, a 
hi mti Muslim f undame ntalist dent 
who is said to have inspired the 
group with fiery rhetoric he deliv- 
ered m a storefront mosque in Jer- 
sey City. Sheikh Abdel- Rahman 
was acquitted in Egypt of charges 

that he provoked the assassination 
of President Anwar Sadat in 1981. 

Another defendant is El SayyW 
Nosair, who has been jailed for 
three years an charges related to 
the killin g of Rabbi Meir Kahane. 
Prosecutors said all four defen- 
dants in die trade center trial had 
links to Mr. Nosair. 

(AP, Reuters) 


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***'•■' 


BOOKS 


OBJECTS OF DESIRE: 
The lives of Antiques and 
Those Who Pursue Them 

By Thatcher Freund. 291 pages. 
$24. Pantheon. 

Reviewed by 
Jonathan Yardley 

T HE subject of this unusually 
interesting book is the trade in 
American antique furniture, but 
this scarcely means that if s merely 
a chronicle of the privileged, the 
self-infatuated and the effete. To 
be sure, all erf the above are to be 
found in the little world of valuable 
old furniture, but it is also populat- 
ed by people of broad erudition, by 
craftsmen of sophisticated skills, 
by serious collectors and by eccen- 
trics of the first stripe. 

Most important, it is populated 
by people who understand that fur- 
niture and other objects have exis- 
tences that transcend the inanima te 
that m ake them more than mere 
things. One of the three antiques 
that Thatcher Freund follows along 
its course through die marketplace is 
a card table, “probably the finest 
piece of furniture that bad ever been 

made in Philadelphia, " that had 
been commissioned by a prominent 


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resident of that city in the late 1750s. 
Freund writes: 

“There is something seductive 
about new things, which capture 
the spirit of the moment New 
things connect us to our time. The 
card table held tbe vigor of Phila- 
delphia in its exotic daws and 
carved vines, and helped to give its 
owner a sense of his place in the 
world. What was more, this table 
possessed the possibility of immor- 
tality. The art historian George 
Kubler once observed that ‘objects 
are portions of arrested happen- 
ing.’ They are pieces of human en- 
ergy and industry and genius fro- 
zen in time. Long after the 
merchant had tinned to dust, and 
the Philadelphia he knew had faded 
to a distant memory, the echoes of 
their world would survive." 

The card table is tbe most valu- 
able of Freund’s emblematic ob- 
jects and, most if not all presum- 
ably would agree, tbe most 
beautiful; Sotheby's, which han- 
dled its sale in New York, hoped it 
would bring $1 million. The other 
objects to which Freund devotes 
his attentions are a Federal drop- 
leaf sofa table that Sotheby’s 
thought might fetch $100,000 ana a 
painted folk blanket chest on which 
the dealer who owned it had set a 
price of $245,000. 

Not, in other words, furniture 
such as you and I might buy at our 
neighborhood furniture store but, 
instead, furniture that over the gen- 
erations had acquired rarity, singu- 
larity and a palpable sense of histo- 
Vf- 

Not merely do things become part 
of tbe lives of those who own and 
use them, but they “possess the pos- 


sibility of immortality.” Whether it 
is ordinary or extraordinary, the 
chair in which one’s mother sat or 
the desk al which one’s father wrote 
is more than a mere object; it as- 
sures not merely that the memories 
of those people will be perpetuated 
now and into future generations but 
also that they will live on through 
those things, which connect “every- 
one who evw owns them and every- 
one who ever touches than." 

It is for this understanding of the 
true place of objects in human psy- 
chology and society that “Objects 
of Desire" is most valuable, but this 
is in no way to scant its depiction of 
the mundane workings of the an- 
tiques market and its inhabitants. 
Freund writes about Israel Sadr, 
the pioneering dealer in American 
antiques, ana his equally influen- 
tial sons; about collectors ran ging 
from aristocratic Du Pouts to tbe 
self-made Joseph Hrrshbom; about 
men who made furniture two cen- 
turies ago and those who meticu- 
lously restore it now, about “pick- 
ers" and others blessed with an 
instinctive sense of what is valuable 
and what is not 

Some of these people are lighter 
than the air they breathe, but they 
are the exceptions in Freund’s sto- 
ry. In their varying ways the people 
we meet in tins chronicle are seri- 
ous, trading in old furniture not 
merely because it brings them mon- 
ey or distinction but becanse they 
love it and know its true value. 
Thus “Objects of Desire" is, in the 
end, as much about people as it is 
about things —which, in the end, is 
the point 

Jonathan Yardley is on the staff of 
the Washington Post 


TRADE: Prospect of Unilateral Action Gives America’s Partners Jitters 7SK AF.I ,? 


Continaed from Page 1 

one particular country should go 
up or anything of that kind.” 

In an tulushm aimed at Washing- 
ton, Peter Sutherland, the head of 
the General Agreement on Tariffs 
and Trade, attacked punitive trade 
campaigns as “misguided and dan- 
gerous." Mr. Sutherland also 
lashed out at government interfer- 
ence in trade during a speech in 
New York late Thursday. “Once 
bureaucrats become involved in 
managing trade flows," he said, 
“the potential for misguided deci- 
sions rises greatly." 


pressed strong concern about the 
UJS. action and said unilate ral 
measures that violate tbe Uruguay 
Round’s rules on settling disputes 
"are explidtly prohibited." 

For U.S. officials, however, the 

S obai accord was a vindication of 
S. trade policy. The World Trade 
Organization, which will be able to 
authorize retaliat ion against unfair 
trading practices when it is estab- 
lished next year, is really Super 301 
writ large, they contend. In the fu- 
ture, Washington will need to win 
the organization’s backing to im- 
pose sanctions, they say, bin there 
is no such requirement before the 


get an entire country as an unfair from other nations, including the 
trader but must identify practices European Union. 

r ''~ “■“* impede EU officials also express distrust 

n's heir- about American aims. One senior 


.£££ — 
:: 




2CC- 
FcTi - 





S r foreign countries that 
S. exports, such as Japan’: 


Nevertheless, officials sought to * 
contain the dispute. “The GATT is , 

not unraveling?” Sir Leon said. President Bffl Clintons move 


rtru ties between automakers and 
car pan suppliers or China’s in- 
fringements of intellectual proper- 
ty rights. 

Tadahdro Abe, a spokesman at 
Japan’s mission to the GATT in 
Geneva, said Japan would insist 
that the United States negotiate 
first after identifying any unfair 
trade practices. Although Japan 
was not considering immediate re- 
taliation, he said the government 
was considering seeking support 


EU official said recently that the 
Reagan administration rejected 
European proposals to team up to 
force open Japan’s markets in the 
early 1980s, while UJS.-Japanese 
agreements on semiconductors and 
carparts in tbe late 1 980s and early 
1990s were geared almost exclu- 
sively to benefit American compa- 
nies. 

“The Americans never wanted to 
make common cause with us 
against Japan,” this official said. 


3 More Die 

Comiraied from Page 1 
knife. A soldier opened fire and 
shot him in the stomach, and he 
later died of his wounds. 

In his pocket, Palestinians found 
a piece of paper saying he had un- 
dertaken the attack in revenge fdr 
the Hebron massacre, in which 
about 40 Palestinians were killed 
when a militant settler, Baruch 
Goldstein, opened fire while they 
were praying. 

In the Balaata refugee district 
near Nablus, a Palestinian was shot 
and killed 1 


David Woods, a spokesman for 
GATT in Geneva, said the U.S. 
move did not break trade rules and 
“there is no evidence that the U.S. 
intends to violate its obligations 
under GATT." 

The U.S. move came less than 
three months after Washington en- 
dorsed GATT's Uruguay Round 
trade agreement That accord will 
create a body to be known as the 
World Trade Organization, with 

fact that most European anti Asian 
nations believe should disarm uni- 
lateral weapons like Super 301. 

“It's against the spirit of the _ 
agreement," a EU trade official fending off congressional pressure 
said. Noting that Washington ne~ for more protectionist action and 
gotiated access to Japan’s marker prodding Japan to open its market 

before late this year, when Super 
301 could lead to sanctions. 

Mr. Eizenstat stressed that the 
revived! 
ed and fieri! 

Undo: the measure, fie said, the 
Clinton administration will not tar- 


was 

trade rules, 

5 tat, the Uil delegate to tbe Euro- 
pean Union. 

UJ5. officials moved quickly to 
tty to limit the fallout from the 
decision. Mickey Kantor, the UJS. 
trade representative, telephoned 
Sir Leon on Thursday to assure him 
that Washington would not target 
Europe and that any use of Super 
301 would oomply with GATT 
rules, U.S. and European officials 
said. 

The EU official said Mr. Kantor 
characterized the move as “a dam- 
age-limitation exercise" aimed at 


i^rSesTsmT Stuart E. Eizen- BALLOT: Zulus Sign Up for Vote 

A Palestine liberation Organi- 
zation envoy said Friday that thp 
Palestinians had the support erf 


as 

sail 


r of tbe global trade pact, he 
If they were not satisfied 
with what they got from the Uru- 
guay Round, they should not have 
signed it." 

In Tokyo, Masayoshi Takemura, 
the chief cabinet secretary, ex- 


I Super 301 was more larget- 
flenble than its i 


Continued from Page I 

started campaigning, it would not 
be fair for the elections to be bdd at 
the end of April aa scheduled. The 
government and the ANC oppose 
any change in the date. 

Other members of the opposition 
Freedom Alliance — which in- 
cludes Tnlmthft and pro-apartheid 
whites — endorsed the Inkatha- 
ANC agreement Thursday. 

But Ferdi Hartzenberg, who 
leads the pro-apartheid Conserva- 
tive Party, said the party needed 
more details on mediation before it 
could register. The Conservatives 
are the second-largest white group 
behind President Frederik W. de 
Klerk's governing National Party. 

General Constand Yjljoen, a 
leader of the Afrikaner People's 
Front, who registered just before claimed part of their future “peo- 
ihe deadline, said he was unable to pie’s state.” No injuries were 
convene a meeting of his party in reported. (AP, Reuters) 


time to consider a last-minute reg- 
istration and went ahead on his 
own “in anticipation of possible 
results of negotiation or interna- 
tional mediation." He registered as 
Freedom FronL 

Separately, the ANC said Friday 
that it had stepped up security 
around its chief negotiator, Gener- 
al Secretary Cyril Ramaphosa, af- 
ter learning of allegations of a far- 
right death plot against him. 

Tbe plot, reportedly disclosed to 
the ANC by a far-right leader, 
came amid growing indications 
that at least part of the white right 
is preparing for armed insurrec- 
tion. 

An ANC office was bombed 
overnight in the northern Cape 
Province town of Kunnnan, a re- 
gion the far rightists have pro- 



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PHONES: Smaller and Cheaper j 0 h n ^ 


small fax machines. Tbe phones 
have drawbacks. Cost is the «n«n 
one. And callers may discover that 
a bonding or hfll blocks transmis- 
sion to the satellite. 

The rircuils have a half-second 
delay as tbe caller’s voice travels 
into space and bade, an annoyance 
that largely has vanished from con- 
ventional overseas calling because 
of undersea fiber-optic lines and 
other advanced equipment Sound 
quality can be distorted as welL 

Travelers may find resistance at 
airports. Customs officials in devel- 
oping countries often look with 
suspicion on travelers arriving with 
communications gear. Long ad- 
vance negotiations are often neces- 


sary to bring a unit in, said Ron tv 

Mario, president of Comsat Mobile LOHICQUin^ IJ1C8 
Communications, which provides 
satellite links. 

But “as terminals get smaller and 
smaller ,” he said, “it’s going to be 
more and more difficult for coun- 
tries to prevent access.” 

The small size is due largely to 
tbe incorporation of the digital 
technology of computers into the 
phones. Such technology makes 
more efficient use of Satellites' fre- 
quencies, allowing one satellite to 
handle more circuits and lowering 
the cost of individual calls. Digital 


Of Heart Attack 

The Associated Press 
LOS ANGELES — John Candy, 
43, the portly comedian who 
starred in the films “Unde Buck" 
and “Planes, Trains & Automo- 
biles," died Fri’ ' ' 
on location in 


support 

Secretary of State Warren M. 
Christopher for stationing a United 
Nations force on the West Bank to 
protect Arabs against Jewish resi- 
dents, The Associated Press report- 
ed from Washington. < 

But the PLO envoy, Nabfl 
Shaath said the PLO was not ready 
to reopen negotiations over self- 
rule with Israel He said a UN reso- 
lution encompassing Palestinian 
demands had not been worked auf. 

“The resolution, inducting parts 
of it that are supported by the 
United States, includes an interna- 
tional presence in the occupied te> 
ri lories," Mr. Shaath said after a 
90-minute meeting with Mr. Chris- 
topher. ; 

He said there was no decision yet 
on the composition of the forte. 
But, dismissing any su gge stion only 
civilians might be involved, Mr. 
Shaath said: “They have to be secu- 
rity people. We are not talking 
about historians and psychoana- 
lysts.” • 

Mr. Shaath called his meeting 
with Mr. Christopher, held a fey 
hours before the secretary of stale's 
departure for Asia, “positive" anti 
added: “We are satisfied that wp 
have the serious concerns of the 
United States reflected by the setj- 
retaiy and Stale Department peo- 
ple and the president.” .* 

But although tbe PLO would film 
to resume negotiations with Israel, 
Mr. Shaath said, the resolution's 
not finished. ■ * 

On Thursday, Mr. Shaath had 
disavowed any intention of sett- 
ling the 28-month-old peace pi$- 


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tfs never been easier 
to subscribe ond save. 

Just CS& toll-free: 
06608155 
or fax: 06069-175413 


Mr. Candy was making “Wag- 
ons East” near Durango, a spokes- 

““ taparalco Pictures said in 

Los Angeles. He died hi his sleep cess. But he said that in fight of the 

also allows for a lower-powered while m his trader, according to the Hebron attack, “what we are doing 
signal to be used, so that the unit State Tounsra Office of Durango, is the only way that we need togc^ 
can be lighter and cheapo - . He co-starred in the 1993 box- arrival statement did not 

office hit "Cool Runnings,” about c ° nta * n demands for the dLsarmiijg 
the Jamaican bobsled t«»m and in ^ Jews who live on the W$t 
the 1990 blockbuster “Home BankandGaza,nordidhejnasttm - 
Alone.” uprooting the set tlem ents. ‘ 

Mr. Candy, who woo Emmys in 
1981 and 1982, was featured in the 
syndicated “Second City TV" series, 
from 1977 to 1980. In 1981, it moved 

of companies is convinced that~tEe {9 nwwork idevisioa as “SCTV 
future tawith yet-to-be-buflt sys- Network, with Mr. Candy writing 

terns of saieffiLesthat would be m “d performing in conric skits. ™d, as the Israehs have been 
low orbits, perhaps just afew htm- Bom in Toronto, he first acted 

professionally with a children’s the- 
ater group before obtaining roles in 
low-budget Canadian features. 


Because they use high-orbiting 
satellites, there are limits to bow 
small the ground units can become. 
They must always be powerful 
enough to send and receive over 
23,000 miles (37,000 kilometers) of 
open space to the satellites. 

For that reason, another group 


died miles up. Phones for these 
could shrink to the size of today’s 
band-held ceflular units. 


But be said the TTmmn adminis- 
tration should find ways to assist 
the Pales tinians, possibly through 
the United Nations, “we really 
have to protect Palestinians from 


;aB along," he said. a 
_ Mr. Shaat h said peace talks pro- 
vided the only guarantee that Pal- 
estinians “will have real security in 
the long run." 






I 



4 e "% k x t Swiss Say 

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— n— vwmu 

, & to the Ameses pending 
iovesogawm whether the couple 
had ■violated Swiss laws. 

* The Federal Justice Department 
audit was tumble to cooperate with 
^American investigation because 
gjymg is a political crime and 
outside the 1973 U.S.- 

was re- 
: to block the 
accounts or turn over bank docu- 
ments for the American investiga- 
tion. It said the 1973 treaty specifi- 
Pjfly exdmied legal assistance in 
me case of political comes. 

.Bui a department spokesman, 
Eok» Gaffi, announced later that 
'the prosecutor had begun an inves- 
tigation to determine whether any 
allegations against the Ameses 
came under Swiss federal jurisdic- 
gpn. 

The Swiss received the U.S. re- 
vest a weA ago in the case of Mr. 
-Ames and his wife; Maria del Rosa- 
rio Casas Ames. 

I The Swiss statement said the 
jpnited States alleged that the cou- 
ple had received $1.5 nriffion in 
.exchange for information provided 
fee Russians since 1985 rat secret 
operations of the CIA and about 
ftmerican agents in the former So- 
viet Union and in Russia. Subse- 

S , American officials in 
jton have put the amount 

si £12 miTH an 

American authorities said the 
money was partly in bank accounts 
in Zurich and Geneva. The United 
States requested that the accounts 
tie froze n and that the Swiss hand 
.over documents. 

. . Switzerland has revised its bank- 
ing secrecy laws and procedures in 
recent years to help to curb money 
laundering and activities related to 
drug trafficking and other crimes, 
.fait it refuses to go outride of its 
■QOmmitmeuts under inte rnational 
agreements. 

The United States listed bank 
accounts in Italy, three Swiss ac- 
^eponts and an account in Colom- 
bia. 


Russian Soldiers , Sullen and Bitter, Drink Last Beer in Germany 


By Stephen Kinzer 

^UNSDOIU*, Germany — As several com- 
F«mes of Russian soldiers bid their farewells to 
^ennany one recent evening, their mood was as 
™ and bitter as the night air outride the shabby 
““o station here. 

"We re leaving because we’re under orders to 
of us want to go." an officer in his 
K™* said as he prepared for the long ride to 
v I won l have a place to live when I get 

back home. The Germans killed millions of our 
people and burned a third of our country, and 
now the/ re an rich and we’re being ki cked out 
like dogs.” 

At the cafe where many departing soldiers slop 
to drink a last Goman beer, a Russian wait ress 
saiQ they seemed sullen and angry. 

^ “Why should they be happy?" she adwd 
iDe/re going back to terrible conditions. Every 
one of them wants to stay here until the last 
possible moment So do I.** 

The soldiers leaving WQnsdoif are among (he 

last of what was once the largest Soviet force 


outside the Soviet Union. Three years ago, there 
were 546,000 troops and civilians. Now there are 
fewer than 60,000, and the last soldier is to leave 
in August 

Although Russian troops are abandoning for- 
mer Soviet outposts from the Baltic to the Carib- 
bean to the Smith China the logistical chal- 

lenge here has been greater than any other. This 
withdrawal also carries great political signifi- 
cance. marking not only the end of Moscow’s 
dounnation of Central Europe but also the defin- 
itive end of the post-Worid War II era. 

AU foreign troops are to be withdrawn from 
Eastern Germany by the end of this year. French, 
British and American units in Rwiin expect to 
leave in September. 

Determined to meet their commitment to be 
out o f Germany by Aug. 31, the Russians quickly 
drew up day-by-day plans. Fully packed trains, 
trucks, slaps, and planes have been leaving for 
Russia almost daily since then. 

More than 485,600 soldiers and dependents 
are already gone. So are 3,700 of the 4^00 tanks 
that were here three years ago, 7,000 of the 8,200 


armored personnel carriers, 3,400 of the 3.600 
artillery pecs and 1.100 of the 1350 planes and 
h eh copters. Officers have pledged not to leave 
even a single cartridge b ehind 

Mud of the cost is being borne by Germany, 
which is also helping to pay the salaries of 
departing officers, build homes For them in vari- 
ous parts of the former Soviet Union, and teach 
them s kill s that will be marketable at home. In 
&Q, Germany has appropriated $9 billion in 
grants and S2 billion in interest-free loans, which 
will probably never be repaid. 

Nearly all Germans consider this money well 
spent, a low sum to assure the speedy withdrawal 
of an occupying army. 

. “We are all very impressed with the profes- 
sionalism the Russians are showing,” safa Hel- 
mut Domke, who is overseeing plans for conver- 
sion of Russian bases to civilian use in 
Brandenburg, Eastern Germany’s largest state. 

“For three years, they have been sending 120 
rail cars a day on trips that are hundreds of 
kilometers long," he said- “They have moved 
700,000 tons of munitions and explosives with- 


out a angle mishap. It’s their last assignment in 
Germany, and, as a matter of military pride, they 
want to do it wdL” 

The last Russian soldier 10 leave German sol 
will probably be Genera] Matvei P. Burlakov, 58, 
who came here after overseeing the much smaller 
task of withdrawing Russian troops from Hunga- 
ry. General Burlakov is the 16th Russian com- 
mander in a line that stretches back to Marshal 
Georgi K. Zhukov, who accepted the surrender 
of Berlin on May 2, 1945. 

“When I came to Germany in 1990. 1 thought 
our relations would be more difficult,” he said in 
one of the many interviews he has given recently. 

“During the Cold War years, we were taught 
that this country was an enemy and that our job 
was to fight the enemy,” he said. “I came here 
still holding this Cold War mentality. I think I 
made a great mistake, and that all Soviet citizens 

were wrong as far as Germany is concerned. 

“The Germans made the same mistake about' 
the Soviets,” he added. “I think both sides now 
realize tins. Our relations are really quite cor- 
dial." 


General Burlakov became agitated wily when 
talking about the failure of Soviet negotiators 
and German contractors to guarantee living 
quarters for returning officers. Bonn agreed in 
1990 to provide $4.5 billion to build apartments 
for officers and their families, but construction 
has fallen behind schedule and many returning 
families are being housed in tents. 

“We are completing our withdrawal 100 per- 
cent according to the agreed schedule.” the gen- 
eral said. “Housing construction is only at 65 
percent of the agreed schedule. That is not a 
civilized withdrawal 

“German leaders want the withdrawal com- 
pleted as soon as possible. But our leadership at 
that time, Gorbachev and Foreign Minis ter She- 
vardnadze and the others, should have thought 
more carefully about what lies behind the with- 
drawal. People lie behind it, 

“Now, 60,000 of our people have no housing, 
and with them 90,000 cMdren, including 50,000 
of school age. Because these people were not 
considered, we are forced to make them litre in 
open fields.” 


A New Penal Code for France 

Computer-Hacking and Graffiti Enter the World of 181 0 

to an increase in arbitrary sentenc- 


By Barry James 

International Herald Tribune 

PARIS — France’s penal code, a 
model for criminal-justice systems 
in much of the world, has under- 
gone one of its biggest revisions 
since it was introduced ai the be- 
ginning of the 19th century. 

Ten years in the malting and vot- 
ed by the National Assembly in 
July 1992, the penal code reform 
introduced this week embraces a 
host of modem crimes, including 
graffiti-painting, sexual harass- 
ment, squatting, computer harking 
intentional environmental damag e . 
terrorism and crimes against hu- 
manity. 

One of the most important 
changes is the recognition that or- 
ganizations — companies, associa- 
tions, trade unions, political parties 
or governments — can be tned on 
criminal charges few acts commit- 
ted by their members or represen- 
tatives. 

Had the code been in effect a 
couple of years ago, experts said, 
the national blood transfusion cen- 
ter could have been charged in the 
case in which four doctors were 


Vatican and Jordan Set Ties 

Reuters 

VATICAN CITY — The Vati- 
can and Jordan have derided to 
establish diplomatic relations, the 
Holy See announced. Jordan's pop- 
ulation of 4 nriffion includes 62,000 
Catholics, of whom 38,000 are 
members of the Roman church, 
Vatican figures show. 


convicted of allowing the distribu- 
tion of blood products they had 
reasonable cause to suspect was 
contaminated with the virus that 
leads to AIDS. 

Any organization found guilty of 
a crime faces fines five times bigger 
than those applied to individuals, 
and can also be dissolved. 

Although less than 20 percent of 
the new code stems directly from 
the original penal code of 1 8 10, it is 
still profoundly influenced by the 
earlier document, which replaced 
the arbitrary and c onfusing diversi- 
ty of laws that existed in France 
before the Revolution. 

The 1810 code was, in turn, in- 
spired by the Revolutionary code 
of 1791 and the Enlightenmen t 
ideas of thinkers like Montesquieu 
and Cesare Beccaria, who sought to 
temper p unishmen t with reason 
and relative humanity. 

France's codification of laws and 
penalties have been many times 
modified by parliament, with ma- 
jor revisions in 1892. 1934 and 
1978. It contrasts with the con- 
stantly evolving criminal-justice 
system in England and the United 
States, which is based on common 
law and judicial precedent 

Like the set of civil laws enacted 
in 1804, known as the Napoleonic 
Code, the French penal code influ- 
enced the laws of most countries of 
the Continent and Latin America. 

The new code gives considerably 
more discretion to judges in what - 
was intended as an attempt to 

make the p unishmen t fit the crimi- 
nal, but which critics say will lead 


“ML 

The magazine Nouvel Observa- 
teur said sentencing in France had 
become a lottery, with the same 
offense attracting widely different 
sentences from one jurisdiction to 
another. In particular, prisoners 
whose cases are heard by a jury 
lend to get stiff er sentences than 
those who appear before magis- 
trates. 

A simple theft can be punished 
by anything from three months in 
jail to three years. 

Experts said the code adapts to a 
society that places more emphasis 
on individual than collective rights 
and values. An example of this is 
that citizens now are specifically 
authorized to use violence to pro- 
tect their property, but must not 
willfully kill an intruder. 

Reflecting public anger over sev- 
eral cases involving brutal crimes 
against children, the code includes 
a mandatory life sentence for any- 
one convicted of raping or murder- 
ing a child. . 

A new offense, and one that is 
certain to cause controversy in its 
interpretation, is the crime of plac- 
ing others at risk of death or injury. 
A driver who runs a red light or 
crosses a solid line could be 
charged under this section even if 
no accident results. 

Another potential cause of con- 
troversy is the crime of publishing 
anything violent or pornographic 
in any place where it is capable of 
being seen by a minor under the 
age of 15, including newspapers. 



GOVERNMENT OUTLOOK — Prime Minister Edouard Bafladinr of France 
Regional Anthorities Council ou Friday in Charbomriferes, near Lyon. Mr. Balladur 


Robert Prum/ReuiO! 

_ out across a meeting of the Rhfine-Alpes 
been tinder fire for a tew on youth wage scales. 


television or electronic bulletin 
boards. 

Concern about public safety ap- 
pears to have influenced the stiff 
penalties for crimes committed on 
or around means of public trans- 
port “Tagging,” or painting graffi- 


ti on a train, for example, is punish- and a fine of up to 500, 
able by & 25.000 franc ($4,300) fine. Experts say the latest 
Ta g gin g a public building renders the penal code is probe 


Ta g gin g a public building 
the offender liable to a three-year 
prism sentence. Stealing on a train, 
Mfttro car, bus, or station is punish- 
able by a five-year prism sentence 


fine of up to 500,000 francs, f emes against the interests of the 
revision of European Union, like cross-border 
the penal code is probably the last fraud. 

one that will be carried out from a The old penal code mil remain in 
strictly national point of view. Fu- effect for several years for crimes 
ture reforms, they said, will have to committed before the new code 
incorporate European law, and of- came into effect. 


Siberian Women on Fast lor Wages 


Washington Past Service 

MOSCOW — Nine women of 
3 he Siberian settlement cf Baykit 
have started a hunger strike to pro- 
test the Russian government’s faB- 
•Jjre to pay anyone’s salary in their 
jown during much of the past year, 
rtjvo women said by telephone Fri- 
<Jay. 

The women, most of whom work 
'for for a state-financed ofl-pro- 
'Sjjectmg enterprise, sajd that chil- 


dren in the town erf 6 , 000 have been 
fainting from lack of vitamins or 
related malnutrition. The women, 
who began their hunger strike 
Wednesday, said they would con- 
tinue it until the government took 
note of (heir plight. 

Tatyana Kuzmina came to Mos- 
cow in January to plead Baykit’s 
case to the prime minister’s office 
and Finance Ministry. After her 
plight was described in the foreign 
press, government officials said 


they had sent 1 billion of the 4 J 
billion rubles owed to the town. 

Svetlana Khudorovskaya, 36. 
said Friday that enough money got 
through fra each worker to get 
about 50,000 rubles ($30) in Janu- 
ary. 

But there has been no payment 
since, and no payment for the debt 
that had been piling op since last 
My. Baykifs stores cany nothing 
but pasta, bread and margarine, 
she said. 


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AMERICAN 
TOPICS 

A Vote to Abolish 
Virginia State Song 

The Virginia House cf Dele- 
~ ‘ gales has voted overwhelmingly 

- to drop “Cany Me Back to Old 
► Vrr gfrm y” as the official -State 
■ song. The 87-to-9 vote in Rich- 

- mood, the former capital of the 
’ Confederacy, came after more 

r*- than two decades of debating the 
propriety of a song that waxes 

• nostalgic about the days of slav- 

- ay. 

The House verson now goes 
j - to the state senate, where its fate 

- is unclear . Last month, the sen- 
i ate voted to rewrite the lyrics, 

■ f but black lawmakers said that 

■ • was not enough. . n 

, * “The song is still offensve, 

■ said Delegate William P. Robin- 

- son Jr M wno leads the Black Leg- 
islative (incus. 

’ Written by attack mmstra m 
the 1870s from the perspective of 

• ' & freed slave, the song remmisces 
■ . fondly about “darkies” longmg 

- ■ for the plantation where they la- 

• ‘ bored for “old Massa.” The sen- 
■■ ate voted to replace “darky” with 


“dreamer” and “old Massa” with 
“loved ones." 

Short Takes 

The federal government has 
announced new restrictions on 
semiautomatic s ho t g u n s, favor- 
ite weapons in the drug trade. 
Treasury Secretary Lloyd Bent- 
sen said three types of shotguns, 
one erf which can supposedly fire 
12 shells in three seconds, are 
b e in g put in the same class as 
machine guns. The new designa- 
tion means that owners must reg- 
ister the shotguns with UB. au- 
thorities and be fingerprinted 
and photographed by local law- 
enforcement officials as lawful 
owners of the guns. 

Faith Presbyterian Orach in 
Huntsville, Alabama, is thriving. 
But across town in a crime-rid- 
den district, Northminster Pres- 
byterian is struggling. So Faith is 
adrin g its members to volunteer 
to join Northminster for three 
months and help out in any way 
they can. The Reverend Jay Sea- 
brook, pastor of Northminster, 
said, “We want their time, talent, 
money and anything else they 
can contribute.* Church leadere 
say they hope this “Mission Part- 
ners Program" will be picked up 
by other churches around the 
United States. 


Mayra Rudolph W. GSofiam 
has taken New York City's Tran- ■ 
sit Authority to task for restrict- 
ing the fihnmg of violent movie 
and television sequences on the 
subway. Transit officials say this 
gjves thesnbway a bad name at a 
time when crime is decreasing 
and ridership rising The mayor 
said, “I don’t think you get the 
choice, if you want movies made 
in your city, to say, ‘Well, the 
movie has to be favorable.’ " 


Some old wives’ tales have 
turned out to be true; according 
to The New York Times. Carrots 
help you see better in the dark 
because they contain beta caro- 
tene, which prevents a degenera- 
tive disease aS the eyes. Rsh is a 
brain food because it contains 
zinc, a lack of which can impair 
mental function. Garlic or on- 
ions can ward off colds bec a use 
they kill various respiratory vi- 
ruses. On the other hand, you 
can go swimming right after eat- 
ing, and chocolate does not cause 

acne. 

A recent want ad in the Los 
Angeles Tims offered a course 
in “SELF-DEFENSE — Four- 
week marital aits program.” 

Arthur Higbee 


w 



U.K. Editor 
Is Rebuffed 
By Malaysia 

Agence Fraace-Presse 

KUALA LUMPUR — Prime 
Minister Mahathir bin Mo hamad 

3 ‘ected on Friday an effort by the 
itor of Hie Bonday Tims of 
London to calm a dispute stem- 
ming from an article in ihe newspa- 
per alleging high-level corruption 
m Malaysia. 

Mr. Mahathir said he could not 
accept the explanation of the pa- 
per’s editor, Andrew Neil, that the 
report did not say that the prime 
minister himself was corrupt or had 
accepted or solicited a bribe. 

A indefinite ban was imposed on 
Malaysian government contracts 
with British companies following 
publication of the report on Feb. 

The report said that a British 
construction company, George 
Wimpey International, had ap- 
proved an initial $50,000 in pay- 
ments in 1985 “at the highest lev- 
els” to secure an aluminum 
contract. 

“There is nothing to misunder- 
stand,” Mr. Mahathir said at a 
news conference. “It is quite dear 
that the inference was that I have 
received money in order to give the 
contract to Wimpey. If I misunder- 
stand, than a lot of people also have 
misunderstood.” 

Mr. NeO, in a letter published 
Friday in The Times of London, 
ralerated that officials of the Brit- 
ish company had approved pay- 
ments. But he wrote: 

“At no Stage did The Sunday 
Times claim that Dr. Mahathir had 
sought such a bribe or been paid 
one.” 

“Indeed, the story made dear 
that, in the end, no money changed 
hands.” Mr. Ned said. 


ADDLEPATED ADS By Frances Hansen 


ACROSS 
I “Talcs From 
Shakespeare" 
writer 
5 Assays 

10 First word of 
“The Raven" 

14 Rybinsk 
Reservoir site 

IV Author Wiescl 

20 Kind of arid 

21 Artificial 

22 Wickerwork 
material 

23 Dry cleaner’s ad 

27 D’Oyly Carte 
offering 

28 Arduous 
iountey 

29 Bleeds 

30 Neiman Hie 

31 Forest opening 

32 MDc, across tne 
Pyrenees 

33 Faulkner’s 

■ Lay 

Dying" 

34 Ra/sanjani’s 
country 

35 Oklahoma 
Indian 

36 Bunyan’s Blue 
Ox 

40 Pest 

controller’s ad 

47 Recherche 

48 Mirrored 

49 Like marcelled 
hair 

50 Like from 

the blue 

51 Greek letters 

52 Urban miasma 


53 Richard of 
‘Pretty 
Woman" 

54 Hooked 
grass-cutter 

55 Singer with the 
Four Knights 

56 Henley 
crew-member 

57 Clout 

58 Figures 

59 Grocery-store 
ad 

67 account 

(absolutely not) 

68 Billy Budd’s 
captain 

69 Doctrine 

70 Burns’s “Scots 

Wha " 

71 Blocked, as a 
river 

74 Miss Muller, of 
a Whittier poem 

75 Dream stages 

76 Physicist Niels 

77 The ancient 
Mariner's cry 

78 Estelia. to Miss 
Havisham 

79 Amneris’s rival 

80 C’cst (it’s 

his) 

8! Charlady’s ad 

86 "Untouchable" 
Eliot 

87 Make a lap 

88 Feathen Prefix 

89 Yearling’s mom 

90 Kelt of old 
funnies 

91 BacheUcr’s 
“ Holden" 


Solution to Ptnde of Feb. 26-27 


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92 Proem 

96 Word provider? 

100 Caesar's wife 

101 Stripper, 
notably 

102 Pharmacy ad 

105 Together 

106 Crystal gazer 

107 ——and a day 
(legal time 
limit) 

108 Noisy-lc-Scc 
seasons 

109 Cheap, 
poorly- made 
Furniture 

110 Separate the 
laundry 

111 Inclines 

112 Dare, in 
Dogpatch 

DOWN 

1 It makes you 
pucker up 

2 Tap in a 
confirmation 
service 

3 Rad io 
equipment 

4 Excises being 
eyed to fund 
Clinton’s health 
plan 

5 1982 Dustin 
Hoffman role 

6 Use a solvent 

7 Antitoxins 

8 Nervous twitch 

9 Kiltie’s country 

10 Repeatedly 

11 London st oolie 

12 Prompter’s hint 

13 As an old hand 

14 Electric-battery 
inventor 

15 Sonja Henie’s 
home 

16 One who’s 
recumbent 

17 Lady’sparuier 

18 The humanities 

24 It inflates your 
dough 

25 Gladiators' 
stamping 
ground 

26 Eulogize 

31 "Peer Gym" 
composer 

32 Italian white 
wine 


© New York Times Edited by Will Shortz. 


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7 

3 

4 

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23 




37 




30 


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40 

41 

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99 


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34 Sense of a 
sentence 

36 Ohio 
University 
mascot 

37 Running wild 

38 Big Ben, for one 

39 Tasso’s patron 

40 Songbirds 

41 Cause 
heartburn 

42 Sappho’s Muse 

43 New Jersey 
mountain range 

44 Midnight 

45 Bogan in “High 
Sicm" 

46 Toussaint 
L’Ouvcnurc’s 
land 


52 Dive suddenly, 
35 a whale 

53 Shield 

54 Emma of 
"Dynasty" 

57 Spurious 

58 Bleak 

60 Funny papers 

61 Toll 

62 Pistil pan 

63 Fischer- 
Dieskau’s 
musical fond 

64 “ Night" 

(Christmas 

carol) 

65 A Minor 
Prophet 

66 Spooky 


71 Homer's was 
“rosy-fingered" 

72 Latctcnms 
great 

73 Baseball's 
“Say Hey" 

74 Devilfish 

75 On high 

76 Like some lies 

78 Role for 
101-Down 

79 Kind of 
highway 

82 Bar, legally 

83 Isaac Stem 
stroke 

84 Passions 

85 Twixt 

90 County on the 
Thames 


91 Make an 
effort 

92 Popular pic 
variety 

93 Ouccnofthc 
Misty Isles 

94 First discovered 
asteroid 

95 Dadaist Max 

96 Sailor 

97 Cuban dough 

98 Tang 

99 Companion of 
the Pima 

100 On-line person 

101 Pcrinunof 
"Cheers" 

103 Recent prefix 

104 Ship rope 


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Page 6 SATURDAY-SUNDAY, MARCH 5-6, 1994 

OPINION 


Ifcraib 


INTERNATIONAL 



eribunc 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


Security for Palestinians 


Yasser Arafat is undoubtedly sincere in 
idling Washington he wants to get back to the 
bargaining table with Israel as soon as Pales- 
tinian anger over the Hebron massacre sub- 
sides. He wants to complete arrangements for 
the beginning of Pales tinian self-rule in the 
occupied territories. But he insists that Israel 
first take steps that go weO beyond the frame- 
work for self-rule that both sides agreed to last 
summer. That readies too far. 

By raising issues that are not ripe for 
resolution at this time. like uprooting Jewish 
settlements, disarming all settlers and de- 
ploying international peacekeepers, Mr. 
Arafat invites new and dangerous delays in 
the timetable for self-rule. 

The September framework agreement pro- 
vides for an interim period of self-rule for the 
Palestinian population in the occupied territo- 
ries beginning with the Gaza Strip and Jeri- 
cho. Israeli settlers and settlements would 
remain under Israeli rule, while Palestinian 
areas would come under Palestinian adminis- 
tration. Mae difficult issues affecting settle- 
ments, territorial definitions and the interna- 
tional political status of the Palestinian area 
were deferred for later discussion. 

From the start, radical Palestinians at- 
tacked the agreement for not providing imme- 
diate statehood. After negotiating delays held 
up the start of Israeli troop withdrawals, mod- 
erate elements became disillusioned too. Fi- 
nally, the Hebron killings triggered a flood of 
righteous outrage that made h impossible for 
Mr. Arafat to go on talking about prosaic 
matters of local adminis tration. 

The Israeli government has been trying to 
respond to Palestinian anger. Prime Minister 
Yitzhak Rabin scathingly denounced not oily 
the assailant, Baruch Goldstein, bat his fellow 
followers of the racist Rabbi Meir Kahane’s 
teachings. Israel has taken unprecedented 
steps to disarm the most violent Jewish radi- 
cals and even expel them from the territories. 


And it has accelerated the release of Palestin- 
ian political prisoners. 

But this Iras not been enough to satisfy 
Palestinian opinion or bring Mr. Arafat bade 
to the talks. Even the din ton administration, 
usually sympathetic to Israel, urges Mr. Rabin 
to move beyond “tokenism” by broadening 
his crackdown cm violent Jewish radicals. And 
Secretary of Stale Warren Christopher speaks 
of quickly extending sdf-rule, as defined in 
September, to the whole West Bank. 

But the PLO goes much further. It asks that 
all Jewish settlers be disarmed, that the issues 
of settlements and Jerusalem be immediately 
put on the bargaining table and that interna- 
tional peacekeepers be deployed to protect 
Palestinian lives. 

These demands are deal-breakers, as emo- 
tionally charged on the Israeli side as on the 
Palestinian. If the PLO insists on making 
them preconditions for proceeding with inter- 
im self-rule, there will be no interim self-rule. 

Mr. Arafat needs to redirect his imlitanoe 
toward guarantees of security for Palestinians 
within the agreed framework. Israel most in- 
deed do more to break the impasse created by 
the Hebron massacre. It needs to assure the 
Arabs of the occupied tori tones that, so long 
as they live under Israeli authority, the gov- 
ernment of Israel will protect their security 
every bit as aggressively as it protects the 
security of Israeli Jews. That could mean 
prohibiting aimed settlers from entering Arab 
population centers and subjecting other Israe- 
lis entering these centos to the same rigorous 
security checks that are now periodically ap- 
plied to Arabs entering brad proper. 

The longer-term answer is self-role, winch 
will shift the responsibility for most Palestin- 
ian affairs, including physical security, into 
Palestinian hands. It is in everyone’s best 
interests to get Mr. Arafat back to the table 
an A quickly cTfnrh the HmI 

— THE NEW YORK TIMES. 


Getting Tough, Sensibly 


President Bill Clinton is moving in the right 
direction on the “three strikes” provision in 
the crime bill before Congress. His alternative 
proposal, now being studied by the House 
Judiciary Committee, needs some tinkering, 
but it is a much better proposal than either of 
the two provisions passed by the Senate. 

Public support for “three strikes” arises 
out of an understandable dissatisfaction — 
escalating to fury in some cases — with 
multiple, serious offenders who serve one 
prison term after another and return to vio- 
lence each time they are released. The solu- 
tion, life in prison without possibility of 
parole after a third such offense, is harsh. But 
it is not out of line for time very violent 
offenders who pose the greatest threat to 
public safety. The problem with the Senate 
biB is that it is far too broad, imposing the 
penalty for a whole range of felonies, some of 
which — destruction of mailboxes, for exam- 
ple — are relatively minor property crimes. 

President Clinton proposes a far more care- 
ful definition of violent crime. With one ex- 
ception, it encompasses only those offenses 
that involve physical harm to individuals. 
These include murder, kidnapping, rape, ag- 
gravated assault and gun crimes, among oth- 
ers. Inexplicably, the list also indudes arson 


and defines it so broadly that it would cover 
the destruction of a bicycle or a tool shed far 
from any occupied building. These are prop- 
erty crimes that do not warrant life sentences. 
A more limited definition is needed. 

Another major change in the Senate lan- 
guage has been suggested, but the president 
declined to endorse it C riminal justice ex- 
perts have pointed out that very few people 
over SO commit violent crimes. They have 
suggested releasing chronic offenders who 
have completed their sentences, once they 
pass this threshold. We believe the idea at 
feast deserves some debate, bat the president 
apparently has dedded that a clearer message 
is sent by staying with the simple “no parole” 
postion. Any president has an option to gram 
demency to an aged prisoner, of coarse, and 
perhaps ihai sh ould be ranphaszed in the bill 
if an age-based amendment is not adopted. 

The UD could require an annual review of 
this segment of the prison population for 
purposes of recommending demency. This 
makes sense not only in toms of public safety 
but also as a reasonable remedy if prison 
overcrowding and the high cost of main tam- 
ing an aged population turn out, as has been 
predicted, to be a problem. 

— THE WASHINGTON POST. 


A White House Muddle 


From now on. President BUI Clinton says, 
“everyone will be much more sensitive” about 
attending the improper meetings between 
White House and Treasury officials concern- 
ing the Resolution Trust Corporation's inqui- 
ry into a savings and loan association with 
dose ties to him and Mrs, Clinton. 

Sure, that would be progress. But Mr. Clin- 
ton’s tepid response explains why his adminis- 
tration is easily the most reckless in interfer- 
ing with the integrity of federal investigative 
agencies since that of Richard Nixon. 

Mr. Clinton’s effort at political damage 
control follows the astonishing revelation (hat 
White House aides held three such impro per 
meetings with senior Treasury officials. 

Deputy Treasury Secretary Roger Altman, 
the acting RTC chief, told a Senate committee 
last week about the meeting he initiated sever- 
al weeks ago for White House officials. This 
week came the news that there were two other 
White House meetings in October where other 
Treasury officials discussed the case with Ber- 
nard Nussbaum, the president's counsel and 
other White House officials. 

Faced with these repeated efforts to com- 

§ remise the inquiry into Madison Guaranty 
avings and Loan and the Whitewater case, 
the special counsel, Robert Fiske, must move 
swiftly. He should immediately subpoena all 
notes taken at the meetings and depose the 
participants under oath. 

Meanwhile, the president must show that 
he is not the architect of this investigative 
sabotage by moving against those who violat- 
ed base conflict-of-interest principles. It is 
not enough that Mr. Altman recuse hims elf 
from the Madison inquiry. Treasury Secretary 
Lloyd Bentsen should remove him from his 
job as acting RTC head and install the next- 
higfaest-ranking untainted official to run the 


agency on an interim baas. Similarly, Mr. 
Bentsen has cause to remove Jean Hanson, the 
Treasury counsel, for briefing Mr. Nussbaum 
in advance on where the supposedly indepen- 
dent RTC investigation was gong. 

Mr. Nussbaum should be dismissed. He 
seems to concave of being “the president’s 
lawyer" as a license to meddle with the integrity 
of any federal agency. First, be and his staff 
tried to involve the FBI in a politically inspired 
White House purge of employees of its travel 
office. When Vincent Foster, the deputy coun- 
sel, committed suicide, Mr. Nussbaum inter- 
fered with the investigation and transfected 
sensitive files to Mr. Clinton’s private lawyer. 

AD this paints a picture of a White House 
dedicated to shortcutting justice if that is what 
it takes to shield the financial affairs of Mr. 
Qin ton, his wife, and their friends from scru- 
tiny. This president desperately needs first- 
rate legal advice and a staff that is viably 
under someone's managerial control 

The Whitewater inquiry itself will move 
onto more intriguing ground with The New 
York Times’s disclosure about grand jury tes- 
timony that the Rose Law Firm may have 
been shredding documents belonging to Mr. 
Foster and Mrs. Clinton. If the shredding of 
the Foster documents took place after Mr. 
Fiske said that he was looking mto the suicide, 
that action may be illegal. Mr. Fiske will have 
no choice but to question Mrs. Gin ton and 
Associate Attorney General Webster Hub- 
beH both former partners in the firm, about 
their knowledge of any destroyed documents. 

Of course, punishing the incompetent and 
asserting firm conflict-of-interest principles 
requires a president who is dedicated to even- 
handed justice. So far there is scant evidence 
of those qualities. 

— THE NEW YORK TIMES. 



International Herald Tribune 

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Dtnamrdr la PubBcanm : Richard D. Set mans 


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Bosnia: A Limited Use of Force Pays Off 


W ASHINGTON — The crazy thing about 
Bosnia is that the United States, despite 
multiple defaults of judgment and will, may be 
coming out looking halfway good. Bosnia, of 
course, is a moonscape, a graveyard. But in the 
short-range toms that are the stuff of much 
governance and image-making, the Op Kon ad- 
ministration stands to convert someone rise’s 
disaster into its own modest political relief. 

President Bill Clinton, shocked by the mortar 
shell that killed 68 Sarajevans a month ago. finally 
found ways to assert U.S. leadership. He applied a 
limited but credible display of force. This permit- 
ted Washington to offer what is a dirty piece of 
diplomatic wok but what may still be a viable 
alternative to the marginally sadder initiatives of 
the United Nations and the European Union. 

The readiness to deploy force has been of 
prompt and visible benefit to die Serb- besieged, 
mostly Muslim rides of Sarajevo and Tuzla, and 
it may benefit others. It lets Washington play 
bad cop to Moscow’s good cop as the Russians 
bring their own influence to bear on the Sobs. 

American diplomatic enterprise is on view in 
this week's two-part agreement hammered out in 
Washington. The first pan brings back together 
Bosnia's Muslims and Croats, who had fallen 
ouL The second federates this new semi-restored 
Bosnia to Croatia proper. 

For all its defects, tins deal has a distinct moral 
edge over the terms that had been put forward by 
the United Nations and the Europeans. It at least 
acknowledges the principle of Bosnian moJticoJ- 


By Stephen S. Rosenfeld 

turn] and territorial integrity. It at least seeks the 
reversal of the effects of “ethnic deansing.’' It 
begins to make amends to the Muslims, who are 
not themselves entirely innocent but who are the 
most injured Bosnian party. 

The politics of the Muslim-Croat deal, howev- 
er, are what makes it be taken seriously. 

To the Bosnian Muslims, the new arrangement 
offers a partial escape from the national death by 

thcEuropcans. It ^ve^^m^Croat comrade-in- 
arms ana diplomacy in the struggle against the 
Serbs. It also gives them a hand irom the West 
during one of the short moments of the last two 
years when a hand has been available. 

As far the Bosnian Croats, the new deal lets 
them and their patrons in Croatia avoid the isola- 
tion and embargo that the international communi- 
ty was moving to fasten upon them. The deal 
opens to cooperating Croats access to vital West- 
on aid in security, companionship and rebufldmg. 
Without this deal Croatia mould nave no standing 
to ask hdp for what remains its priority goal; to 
remove Serbia’s occupying troops — who are there 
to protect local Sobs, who need something — 
from large patches of Croatian territory. 

The Bosnian Serbs are no immediate part of 
this deal. To help them grasp the implications of 
isolation, they now have tne Russians talking 
quietly into their ear. 


The Rusaans are not dumb in these matters. 
They are almost certainly advising the Serbs of 
the costs that moderation will deter and . the 
advantages it may deliver. These costs indude a 
Croat-Mcdim coalition much better prepared 
for confrontation with Serbs. The advantages 
include die possibility of aiding international 
economic sanctions, which are killing Serbia. 

Russia now has troops in Croatia and Bosnia 
— a presence, carrying with it a say, that Tito and 
his immediate succesors successfully prevented 
for almost half a century. Strategically this 
makes Washington nepous. Yet the Russian 
presence has its immediate tactical rewards. 

Russia's evident purpose is to dose down the 
war, not expand it In a bold, unscripted Rns- 
san- American game, Moscow is protecting the 
Serbs against American-led military threats but 
also nudging Belgrade to c om p r o m ise with the 
now American-led settlement drive. In the com- 
ing negotiations over the final shape and size of 
Bosnia, Bosnian Serbs will no doubt resist politi- 
cal shrinkage of |V»^ r militar y gains. T his -mil 
challenge Washington but test Moscow too. 

I do not see that American policy is unfolding 

according to a grand plan. The endgame is better 

explained by pragmatism, recognition of chang- 
ing drannstances, the fatigue erf others and luck. 
Finally an internal administration consensus de- 
veloped that permitted a wary president to get 
off the di™ A pity this did not happen two 
years and 200,000 deaths ago. 

The Washington Past. 


A Policy of Weakness Has Exacted a Terrible Cost 


B OSTON — Opponents of firm 
Western action to stop Serbi- 
an aggression and genocide have 
argued that we Americans would 
only make things worse by inter- 
vening. And besides, they said, we 
have no security interest in a far- 
off conflict in the Balkans. 

On those grounds we sat by while 
Serbian gunners fired more than 
one million shells into the Croatian 
city of Vukovar in 1991, flatt ening 
iL We sat by while the Serbs faced 
2 million people out of Bosnia be- 
cause of their religion, and seized 70 
percent of the country. 

Now. over a few weeks, we have 
tried strength instead of weakness. 
And lo ana behold, it has worked. 

A NATO ultimatum helped to si- 
lence the Serbian guns that had been 
shelling civilians in Sarajevo. NATO 
aircraft shot down four Serbian 
planes that woe in violation of the 
flight-exclusion zone. A new United 
Nations commander in Sarajevo, 
Lieutenant General Michael Rose of 
Bri tain, won respect by making dear 
that he would use force if necessary 
to protect food convoys. 


By Anthony Lewis 


The Bosnian Serbian leader, Ra- 
dovan Karadzic, flew to Moscow to 
seek support. Instead the Russians 
gave him a cold wanting to work for 
peace and, specifically, to stop sabo- 
taging \JN plans to reopen the air- 
pert at besieged Tuzla. 

On the ground the Serbian forces 
responded as usual : by attacking ci- 
vilians. They used heavy weapons 
moved from Sarajevo to shell the dty 
of Maglaj, which has been under 
siege since June and has received 
only two relief convoys. 

The events of these last weds . 
have proved what critics of U.S. and 
European policy have been saying: 
The Serbian forces are not 10 feet 
talL They are men misled by cow- 
ards and demagogues and psycho- 
paths, and they avoid any fight 
where they might face equal terms. 

If the West had had leaders with 
backbones, instead of George Bush 
and John Mqor and BID Clinton, it 
could have stopped this slaughter 
long ago: before the destruction of 
Vukovar, before “ethnic cleansing,” 


before the marketplace massacre 

Weakness has bem a disastrous 
failure as a pohey — and not only for 
former Yugoslavia. Can anyone 
doubt any longer that European se- 
curity and the whole hope of a new 
international order after the Cold 
War have been gravely injured by 
Western weakness in *m< conflict? 

If the nintnn aHmm i Mrafinn ran- 

tin tk-< its new turn to w ar d firmness, 
pushing the Europeans along, it can 
stfll do some good NATO could act 
to stop the daughter in Maglaj, for 
example. The United States could 
contribute soldiers urgently needed 
by the peacekeeping force: 

But occasional acts of firmness 
cannot undo the damage of past 
weakness. Indeed, it is an ironic 
truth that cease-fires and UN pa- 
trols have the effect of legi timating 
Serbian conquests in Bosnia. 

In Sarajevo itself, the neighbor- 
hood of Grbavica was seized by the 
Serbs in 1992 and non- Serbian in- 
habitants expelled. Some framer 


residents tried to walk into Grba- 


vica the other day, but the Serbian 
commander said he would use force 
to prevent any breach of the cease- 
fire line — even by civilians on foot 
One urgent tare of the peacemak- 
ers^ to find a mechanism to reunite 
Sarajevo. But all ova Bosnia cease- 
fires would ratify Serbian coTKniests. 

Force should have been used long 
ago to roD bade the Serbian aggres- 
sion. It could be done now with no 
outside ground troops. The Bosnian 
army is well able to bold its own on 
the ground if it has NATO air sup- 
port and can acquire some artillery. 

The alternative is fra the United 
States to work out with Russia a 
settlement that would call on the 
Serbs to disgorge enough territory 
to make a truncated Bosnia viable. 

A minimally decent negotiated 
settlement in Bosnia would have its 

smfl tensioBuffarther 
south among Greece, Macedonia 
and Albania might ease. Bat the 
West will have allowed the dismem- 
berment of a multiethnic democra- 
cy: a terrible precedeuL 

The New York Timex. 


No Talk of Desert Gardens 
In a Process Without End 


By A. M. Rosenthal 


J ERUSALEM — five years ago 
this month about 50 Arab and 
Israeli intellectuals and diplomats 
met near a lake in Switzerland to 
pretend that their nations and peo- 
ples were at peace. What would they 
do with that peace? How could they 
join to enrich the economy and cul- 
tures of the Middle East? Hew could 
they best work together after decades 
of war and rage? 

Most of the Arabs and Israelis at 
the Tansanne meeting could not leap 
across the table, let alone their war. 
The Israelis talked a lot about great 
technological and scientific coopera- 
tion to put deserts into joint bloom. 

Arabs said we do not want to be 
patted on the head like needy natives. 
We want to make our own deserts 
bloom with our own technology. One 
reason we want peace is to get away 
from Israelis, not to make love in 
some garden of their fantasies. 

In Israel the other dty, presidents 
of American Jewish organizations 
met with Palestinian representatives. 
I was told that the message was pretty 
much the same — peace if possible, 
but the peace of divorce. 

I have beard the contrast in tone 
and emotion before Lausanne and 
since. Often in New York I have lis- 
tened to Jewish after-dinner speakers 
talk of the new Mideast that Israelis 


and Arabs could create hand in hand. 

Once I asked a speaker, an Israeli 
Labor Party politician, to name a few 
Arab leadras who woe making that 
speech to their people. He smiled but I 
think he thought I was just being rude. 

Now, though, it seems to me, more 
Israelis are flunking that the best idea 
might be a swift, permanent divorce, 
terms to be fought ova in negotiation 
and settled in advance, instead of 
the years of dangerous wrangling to- 
ward murky goals that the “peace 
process" calls for. 

That thought began to root deeper 
even before the hideousness erf the 
mass murder at the Hebron mosque. 
Jews and maverick Palestinians were 
being picked off one by one by one by 
people who one dty would be respon- 
sible fra both Jewish and Palestinian 
safety on the West Bank. 

Tbat does not seem a voy peaceful 
process — particularly since neither 
Jew dot Arab knows how the negotia- 
tions are expected to end. It is sup- 
posed to be a matter of faith that rate 
year they will end welL How much 
warmth is that meanwhile to mourn- 
ers at cold gravesides? 

Most serious negotiations have an 
understood goal — a labor contract, a 
divorce settlement, a treaty. The job 
is to use negotiations to baud brit^es 
to reach the goal not to figure out 



where those bridges might conceiv- 
ably lead. That thought was put in 
my head by Kenneth BiaBtin, the' 
New York lawyer who has given 
many years of leadership to Ameri- 
can Jewish organizations, after he 
took part in the conversations with 
the Palestinians this week. 

But the Israeli-PLO scheme 
worked out at Oslo leaves open what 
is supposed to happen when it is aS 
over, at least five years from now. 

Independent Palestine? Autono- 
mous Palestine? Partitioned, coafed- 


After COCOM , a Danger of More Iraqs 


W ASHINGTON —An era will 
end late this month when the 
United States, its NATO allies and 
Japan dose down COCOM — the 
Coordinating Committee for Multi- 
lateral Export Controls. This deri- 
sion is far more dangerous rih*n the 
sweeping export liberalization mea- 
suresjust announced by the Clinton 
administration. Yet the implica- 
tions of COCOM's demise have 

been largely ignored. 

The decision will increase the risk 
of nuclear proliferation, giving 
rogue regimes such as North Ko- 
rea’s easier access to cutting-edge 
technology fra nudear warheads 
and long-range missiles. 

Since its founding at the start of 
the Cold War, COCOM was one of 
the West’s best tods for controlling 
experts of strategic technology to 
Gcmmmist countries. With the end 
of the Soviet Union, the dismantling 
of the Warsaw Pact and change in 
China, the committee’s tram pur- 
pose has been overtakm by events, 
it is to be replaced by a policy or- 
ganization that amply sets broad 
guidelines, leaving it up to each 
membra country to decide what 
technology it wants to control. 

Undo- COCOM, wery member 
government had to bring before the 
whde group any important license it 
proposed to grant to its technology 
exporters. Under its successor, there 
win be no more strategic lists and no 
review offenses. The new body win 
be unable to play an effective rale in 

hailing mu-lea r proliferation. 

Consider the Iraq case. Saddam 


By Stephen D. Biyen 

Hussein briTKantly exploited a defi- 
ciency in the Western export-control 
system. He understood that the 
United States and its allies coordi- 
nated their controls only an high- 
technology exports to Communist 
countries. He was thus able to buy 
an array cf destructive technology 
for ostensibly peaceful programs. 

Iraq's success has been document- 
ed by the United Nations and die 
inspectors of the International 
A tome Energy Agency. Less well 
documented is governments' farihire 
to control technology exports to 

Iraq. Even when there was no doubt 
that the intended use of the exported 
technology was fra a weapons pro- 
gram, higHevd officials found rea- 
sons to allow exports to be made. 

In the Matrix CfanrctaiD court case 
in Britain, an astonishing collection 
of British government policy docu- 
ments has been put on the record, 
showing that a “jobs” strategy took 
precedes* over national security. 
This, I believe, is thetype of thinking 

that has driven the Clmton arfrmmc . 
(ration's derisions on COCOM and 
an liberalizing export controls. 

Given the dismal experience with 
Iraq, it would have seemed logical 
fra policymakers to expand CO- 
COM — not disband it — to handle 
the problem of nuclear nonprolifera- 
tion among countries outside the old 
Communist orbiL 

There is evidence that Iraq's ex- 
ample is being copied by other coun- 


tries, including Iran, Pakistan and 
North Korea. The North Koreans 
hope to persuade the West to toler- 
ate an international nudear inspec- 
tion system tike the one that was in 
place in Iraq — one in which the 
united Nations pretends to inspect 
and the world community pretends 
that the inspection was effective. 

Evaluation of exports by the man- 
ufacturing countries can be carried 
out in such a way as to spare diplo- 
matic vulnerabilities. That is precise- 
ly what COCOM did so wfl; the 
most sensitive export issue could be 
taken up and settled without creat- 
ing a political crisis . 

The key to the COCOM process 
— mandatory license coordination 
— meant that no government could 
operate as an independent agent. 
Any government wanting to export 
had to be able to defend that sale as 
being nonstrategjc. 

Just why die Clmton administra- 
tion, in moving to dissolve COCOM, 
failed to mast on license coordina- 
tion in any successor regime is un- 
dear. Were there feats that the Euro- 
peans would balk? Was Washington 

an obsession with eaqxnrtsandjob^ 
The effects of this UiL policy, in any 
case, will be to dramatically weaken 
counterproliferation policy. 

The writer, who heads a technology 
company in Washington, was deputy 
undersecretary of defense for trade 
security polity in the Reagan adminis- 
tration. He contributed this comment 
to the International Herald Tribune. 


crated, federated Palestine? What? 

The uncertainty is fundamentally 
fiction. The Palestinians know what 
they want all right: independence. 
The Israeli government does not sav 

S what it has in mind. To be 
; would have driven away ei- 
: PLO or the Israeli public. 

So for its own good reason land 
insists the end is a question it cannot 
talk about for afew years. Meanwhile 
it gives Palestinians conditions that 
would logically end in Palestinian in- 
dependence — or war if not 
Israel has promised Palestinians 
swift control over Jericho and Gaza, 
withdrawal of Israeli forces from 
much of the West Bank, a Pales tinian 
police force responsible for internal 
security. Thai is die dish of indepen- 
dence. Does anybody expect Palestin- 
ians then to say, how delirious but 
without permission I mil not eat? 

Labor says the negotiations will 
bring a deceit peace. The Likud op- 
position says they will more likely 
bring war. Either way, calling Israelis 
from New York before I arrived. I 
beard nothing qbout desert gardens. 
Maybe it is better to forget them until 
another day, another century. 

The New Yak Timex 


For Russia, 
A Hand, Not 
An Embrace* 

By Jeane Kirkpatrick £ 

N EW YORK— The most impor- 
tant news on Russia oflate was 
not the arrest of a CIA mole. It was 
the release from prison of the men 
who led the violent rebellion against 
the elected government in October, 

The amnesty and release of the 
rebel leaders was a personal triumph 
for Vladimir Zhirinovsky, who saw 
an opportunity in the new constitu- 
tion, drafted the resolution providing 
amnesty, persuaded a large majority 

putschists over the opposition of 
President Boris Yeltsin and other 
democrats, some of whom predicted 
the release would lead to civil war. 

Were they right? W31 those who 
plotted a coup against Mikhail Gor- 
bachev’s reforms in August 1991. and 
those who led the rebeflion in 1993 
forge a broad coalition with followers 
of Mr. Zhirinovsky? They may try. 

The framer vice p resident of Russia, 
Alexandra Rutskoi, proclaimed his 
loyalties to the old regime when he left 
prison, wearing the uniform of a Sovi- 
et general. Mr. Zhirinovsky was also in 
Soviet military uniform when he went 
to greet the leaders of the October 
rebeflion as they left prison. 

But Mr. Rutskoi looked more tired 
than fierce. It will take time fra the 
former leaders of the former regime to 
foment a coup, a war ra a revolution 
— if that is vdiat they intend. Nor is it^ 
dear that one of than could win the 
next presidential election. 

The release of these men was a 
blow to the government, demonstrat- 
ing a gain the strength of anti-demo- 
cratic forces in the parliament and 
suggesting that Mr. Zhirinovsky may 
be a more shrewd political operator 
than previously believed. 

Yeltsin forces were surely right on 
the merits erf the issue. No govern- 
ment serious about its survival or its 
authority can perorit citizens to take 
up arms against it. 

But in the past Mr. Yeltsin has 
indicated that he understands the 
crucial importance of preserving au- 
thority and, since the release, he has 
unambiguously warned the plotters 
that he will immediately imprison 
them again if they break the law. 

So, toe re-entry of former leaders 
into Russian politics may not prove as 
important as feared Some may avoid 
politics entirely. Others, who rose in a 
very different system, may find demo- 
cratic politics distasteful Mr. Rutskd 
is said to have demonstrated talent for 
civilian as wefl as military leadership. 

We will see. His miscalculation of the 
balanoe of forces in the October rebel- 
lion demonstrates that he lacks the 
skill of Lenin in the seizure of power. 

If the anti-system leaders can be. 
forced to compete in a democratic* 
framework, they may be defeated for 
lack of popular support. Polls indi- 
cate that relatively few Russian 
adults (17 percent) trust Mr. Zhirin- 
ovsky. Half believe he would take 
Russia into war. The most highly re- 
garded leaders in Russia today are 
the reformers. Their challenge is to 
maintain the democratic framework 
and let the people decide. 

Of course, events surrounding the 
amnesty constitute a warning to the 
West as wefl as to the Russian reform- 
ers. The defeat of democracy and its 
replacement by an expansionist dicta- 
tra&ip would be a cattytrophe. Once 
again, therefore, the United States and 
other democracies should reflea on 
how they can help Russians consoli- 
date a viable democracy. 

No outsider can hdp forge greater 
unity and cooperation among the 
democratic parties, factions and poli- 
ticians, though that is badly needed. 

Bnt the United States and other 
democracies can hdp reinforce the 
government by treating democratic 
Russia asa full member of the dab — 
including it in the Group of Seven, 
and in peacemaking activities in and 
out of the United Nations. We can 
treat democratic Russia with the re- 
spect due a great power. 

“Russia is not a guest in Europe." 

Mr. Yeltsin said recently. “It is a full- 
fledged participant in the European 
community, one which has an inter- 
est in its welfare. This is what we w r*“ 
proceed from." 

And this is what we in the West 
should proceed from as welL Some 
American observers warn against em- 
bracing Mr. Yeltsin and his Russia, 
which they see veering toward asser- 
tive nationalism. 1 believe we should 
embrace no one, but neither should we 
forget that Mr. Yeltsin is president 
ana leader of Russia's democrats. 

I believe the Clinton administra- 
tion is right in stating its intention to 
provide political, economic and mor- 
al support for democratic reform in 
Russia — while there is time. 

® Ias Angela Tima Syndicate. 


IN OUR PAGES; 100. 75 AND 50 YEARS AGO 


1894: Jmnbo Case of Fhi 

NEW YORK — A despatch from 
Rockford, Illinois, mentions that the 
fiist case on record of an elephant 
suffering from influenza, has occurred 

there. The animal affected is known as 

Queen Jumbo, and is said to be the 
largest elephant in captivity. She was 
stricken on Friday and suffered in- 
tense agony from spasms during the 
day. She consumed ten gallons of 
whiskey, while half a band of mustard 
was applied to her externally, and 
hopes are entertained that this heroic 
treatment may save her life. 


sense, saved civilization.” Referring 
to the miseries of forced unemploy- 
ment, the Premier said: “Such a 
state of things can and ought to tx 
abolished. Some scheme must bi 
found, in the event of unemploy- 
ment that will prevent suffering, 
distress and famine from haunting 
the homes of honest workers." 

1944: A Somber Tokio 


j 


PARIS — [From our New York ec 
tion:] A total of 9,800 “higinto 
entertainment" places in Tokio, ran 
ing from the Imperial Hotel resia 
rant to numerous geisha houses, w: 
be dosed down today [March 5] for 
year under an “emragEKy war-tin 
measure" adopted by Prranier Gene 
al Hiddd Tojo’s government to “1 
J ~ ~: ~~ — « “****~7«3 auu the mode of public living to war-tin 

workmen, Mr. Lloyd George said: requirements,” the Japanese nev 
F«5es. and I am agent* Domei said yesterday. Dorn 
added that “all amusement with a 
admission charge of more than fn 
yen [the exchange rate for the yen ws 
23 cents in I94C] will be banned.” 


1919: Jobless Misery 

LONDON — Speaking to-day 
[March 4] at the first meeting of the 
joint committee of employers and 
WKkraen, Mr. Lloyd George said: 
"Russia has gone to pieces, and I am 
spny to say that there are symptoms 
that Germany is going the same way. 
1 should not be surprised if England 
has once more, and m more than one 


\ 







The International Herald Tribune and the State 
Commission for Restructuring the Economic Systems of China 
are inviting the world’s business leaders to an unprecedented 
three-day Summit meeting on China’s economic refonn. 

Its aim is to foster a dialogue as well as business 
development opportunities at the highest levels amongst the 
leaders of the Chinese government and the global business 
community. 

The Summit, “The Socialist Market Economy of the 
People’s Republic of China, 1994 - 2000: Implications for 
Global Business” will be held in Beijing on May 11th, 12th and 

13th of this year. 

Participating will be the major figures of the 
Government of China as well as key provincial government 
and state industry leaders. It will be a rare opportunity to hear 
and personally meet the people who are driving China’s 
economic direction into the next millennium. 

As you would expect with an event of this stature, it 

the international heral 


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The International Herald Tribune is inviting a limited 
number of the largest multinational corporations with a stake 
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and a leading Chinese-language daily newspaper. The deadline 
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Fbr a complete information package, please fax 
Mr. Richard McClean, Publisher, at +33 (1) 46372133. Or call 
+33 (1) 46379301. 


The International Herald Tribune China Summit. It will 
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INTERNATIONAL 



KOU9BED HITS TIB HI* inu TPOB AM THE W4NQNGTON POST 


D TRIBUNE CHINA SUMMIT. 














INTERNATIONAL HERALD TRIBUNE 


ART 


Saturday-Sunday 
March 5-6. 1994 
Page 8 



Truth and Beauty: 
Looking for Clues 
In Ortiz Collection 


International Herald Tribune 

L ONDON — How little we know 
about the distant past when so 
much could be discovered. At wide 
intervals, the exhibition of a pri- 
vate collection brings the extent of our dev- 
astating ignorance — and its causes — to our 
attention through the shea 1 power of beauty. 

“In Pursuit of the Absolute," the George 
Ortiz collection of objects from the "ancient 
world" on view at the Royal Academy until 
April 6 does so in a way that academia and 
its museums never will Firstly, there is the 
level of perfection in the display, of sheer 
visual intelligence that has yet to be matched 
in any institutional presentation, permanent 
or temporary. It takes the eye of a collector 
who has gazed at his objects in ecstatic won- 
der for hours, who has become intimately 
acquainted with their volume, their rhythm, 


A British columnist took exception to the 
acquisition by Ortiz of objects of unknown 
parentage. Ortiz may not have spent much 
time in the British Museum, the Louvre or 
the Metropolitan Museum gazing, say, at the 
bronzes and pots from Etruria, Magna G me- 
dia (southernmost Italy, Sicily) or the An- 
cient Near East At a guess, the proportion of 
objects among them (hat were acquired on 
the market versus those excavated by archae- 
ologists (particularly when it comes to the 
most admired masterpieces), must be in the 
area of 100 to I. 

In the most sensational among recent dis- 
coveries, it is nfl. At the beginning of the 
Ortiz show, a complete enigma greets the 
visitor, raising a major issue of cultural histo- 
ry. A copper group (rf three figures is perched 
ou a ring-like support. They crouch, one 


knee touching ground level, the other at a 
right angle. All bold their bands joined in the 


SOUREN MELQQAN 


even the sheen of their material, to achieve 
this harmony and pace in the interplay of art. 

There is ah unforgettable gathering of tiny 
black hematite animals from 3d mDlenniam 
B. C. Sumer, presided over by a slightly big- 
ger seated baboon. It feels like some antiti- 
paied illustration of the animal deliberations 
in (be 8th-century fables of Kalila waDimna 
that inspired the French 17th-century writer 
La Fontaine. And there is the stunning tall 
case displaying what is the most beautiful 
fampstand of the 5th century B. C. to have 
come out of the Greek workshops of south- 
ern Italy. The feminine figure at the top is 
raised precisely to the level where it can be 
best seen. Near it, invisibly fixed, are four 
small masks, their smiles more marked, like 
an amplified reflection wafted in the air. 

The visitor gets gripped by one object after 
the other, in a way that museums can never 
match with their' cluttered displays in se- 
quential order that induce glaze-eyd bore- 
dom. Soon, however, he is struck by the 
uncertainty surrounding the most remark- 
able among them. The hollow ring of labels 
that say nothing of substance, because noth- 
ing is known, goes more easily unnoticed in a 
museum. Here the fig leaf of archaeological 
jargon is less effective. 

“Transitional Middle to Late Bronze Age, 
c. 1300 B.C. (Koszider Period)” sounds 
good, but says naught. It certainly yields not 
one whit of information about the unkn own 
oil Lure that produced an admira ble bronze 
spiral, or the evolution that led to this degree 
of sophisticated abstraction in thrce-dimen- 
sionaJ space. The provenance is not even 
established — the bronze spiral called an 
arm-guard (rather improbably) passed 
through six collections, starting in Vienna, 
before ending up in (he bands of Ortiz. 
Concerning those that did come out of prop- 
er excavations, our understanding is equally 
limited. 

Dozens of other pieces are likewise given 
hypothetical locations. The catalogue ram- 
bles endlessly about plausible provenance, 
possible dating, conceivable interconnec- 
tions — all in bizarre prose that misuses 
words (“rapport" for connection; “stance" 
for posture, etc.) and gives F.nglish grammar 
a knock or two. 

Private collecting can.be wonderful It can 
also be destructive in providing outlets for 
objects excavated under circumstances "un- 
known.” The comparisons with other pieces 
in museums made in the entries remind us 
that public collecting, alas, has beat just as 
destructive on a considerably larger scale. 


right angle. All bold their bands joined in the 
gesture that was to become, 2,000 years or so 
late-, the gesture of respectful salule in India, 
traveling later, with Buddhism, as far as 
Thailand and Cambodia. Later still, through 
some avatar, it became the prayer gesture of 
Christianity. But this bronze is not Indian. 
Probably dating from the 3d millennium 
B. C„ it is related, through the handling of 
human form, and through costume, to other 
objects that have all popped up in Iran and 
Afghanistan — “Greater Iran," as Ortiz 
writes, meaning the areas that were histori- 
cally and are still culturally Iranian. 


S HOULD the ritual salute of the 
group be seen as a relic from some 
ancient culture on which the Irani- 
ans and the Indians drew when they 
came down from somewhere north as a an- 
gle Indo-Iranian group that became differen- 
tiated 1 atei? The gesture would have gone out 
in the Iranian wand but persisted in India. It 
may be years before such a question can be 
answered. If the archaeological context of 
this piece and others that relate to it — the 
exact location; the vegetal dements that 
might lead to carbon- 14 dating; the associa- 
tion of each piece with other objects, etc. — 
bad not been scattered to ibe winds, a lot 
more might be known. A whole chapter in 
the history of early mankind is being frit- 
tered away. 

Another chapter, equally important, relat- 
ing to the same area, is being destroyed, in 
“chance" find after “chance'' find. Elam re- 



Lost Eden of the Tainos 

Objects From a Massacred Culture 


By Michael Gibson 

International Herald Tribune 


P ARIS — When Christopher Columbus 
landed on the island of Hispaniola (now 
Haiti-Dommican Republic), he was wet- 
corned by the Taino Indians. They gave 
the Spaniards every honor they could think of and 
plied them with food and gifts. Yet, despite the fact 
that they were the first people the Spanish naviga- 
tors met in America, the public knows little about 
them. The exhibition of about 100 items at the 
Petit Palais (to May 29) is the first to be devoted to 
the Tainos anywhere in the world. 

The Tainos’ gentle ways made a profound im- 
pression on the European imagination. It was as 
though one bad caught a glimpse of Eden. “Kind- 
hearted people,” wrote Columbus, “unacquainted 
with cupidity.” The Tainos believed in a future life 
in a garden paradise. Tins was one motive for 
cultivating their earthly garden* with great care 
and skill: “One could not find gardens as beautiful 
as theirs in Castille in the month of May," ob- 
served Columbus. 

The Tames, dedazes Jacques Kerch ache, com- 
missioner of the exhibition, “created a society of 
leisure, without a state, but nonetheless struc- 
tured.” Hispaniola, with its one million inhabit- 
ants, was divided into five provinces, with villages 
of between 500 and 2,000 inhabitants. 

Long after their disappearance, the Tainos pro- 
vided the model for Jean- Jacques Rousseau’s “bon 
stowage Their neighbors in the Lesser Antilles 
were not as edifying to the Western imagination: 
the Caribs’ name was given to the sea and the 
whole duster of islands. Under the corrupted form 
of Cambas, this name is also the root of our word 
“camribaL" This not entirely lovable people regu- 
larly captured Taino men and women. They 
smoked and ate the flesh of the men, but bred the 
women and ate their children. 

When Columbus Gist landed, there were about 
one million Tainos on Hispaniola. Ten years later 
there were 10,000; in 1568, only 13 remained. 

What happened? The Spaniards' lust for gold 
soured relations almost immediately, leading to 
torture and massacres. But it was the settlers' need 
for unpaid labor that led to the extinction of the 
Indians. Brutal treatment was recorded and de- 
nounced by Bartolome de Las Casas: “Within a 
period of three or four months, their parents hav- 
ing been dragged off to the mines, 7,000 children 
died.” There were also mass suicides but, most 
striking of all, Taino women decided no longer to 
bear children. Those who failed to abort killed 
their children at birth. In 10 years’ tune, this 
praceful little agricultural society was practically 
wiped out. 

The exhibition provides a glimpse of daily life 


Christopher Columbus 
and of Hispaniola (now 






A ! J x 'U?rN7\> .*4-*' :: H * ■■■} 


Hellenistic sculpture of Syrian ruler ; 2d century B. C f bottom ; bronze 
Elamite mirror , top left; copper stand bearer, 3d millennium B.C. 


mains a great mystery in the early Middle 
East It used to be thought of as the south- 
western corner of present-day Iran. The im- 
pression one increasingly gets from the 
“chance" finds is that it spread deep inland 
and far to the east. It has long been known 
that the Elamites were closely associated 
with the foundation of the Achaemenid em- 


pire — accounts found on day tablets at 
rersepolis, in the heart of Iran, are in Elam- 
ite. The splendor of their ait is now largely 
illustrated by “accidental” finds, sane re- 
portedly made not far from Persepdis. 

The Ortiz collection boasts a fabulous 
bronze bust supposedly of a young prince (so 
identified on the basis of tenuous inferential 
evidence). The Eastern laugh, lips dosed, 
checks well rounded, anticipates much that 
appears in the low reliefs of Achaemenid art 
in the 6th century B. C The small object, 
only 14.6 centimeters (5.7 indies) high, ad- 
mirably proportioned, represents the classi- 
cal moment of a school in full possession of 
its artistic and technical meansof expression. 
Provenance? Period? All guesswork. The na- 
ture of its apparent connection with Sumeri- 


an art of the third dynasty of Ur escapes us 
— if the 12th century B. C. date suggested 
fa the bronze has any foundation, it is later 
by a thousand years. 

Wandering further West, one stumbles 
upon further riddles. Some appear in isola- 
tion. Scholars are still debating. as to whether 
a fantastic stylized marble bird of the 3d 
millennium B. C. which teeters on the verge 
of abstraction, was carved in the western 


the later art of the Italian peninsula (Etrus- 
can art, for example) a of Greece (to which 
it is sometimes ascribed) as Romanesque 
carving does to 16th-century Renaissance. 
Was there a whole independent development 

In ihic nrm nnralleJ In thaf nf Htpiwv 



A zemi from the early 16th century. 


among the Tainos five centuries ago. Surviving 
objects fall into several categories. Ceremonial 


parts of present-day Turkey, or in the Cycla- 
des — in 1976 it was inducted in the Cydadic 
show at the Badisches Landesmuseum, in 
Karlsruhe. I know of no more beautiful ob- 
ject that may be attributed to either art. It 
would be interesting to find out how — and 
where — this school of animal sculpture 
came about 

Other chapters of unwritten history await 
elucidation in the very heart of Western 
Europe. The admirable bronze warrior said 
to have been dug up “30 Icm. NNE of 
Rome,” in the curiously precise wording of 
Ortiz, belongs to that broad gray area known 
as Italic art. It was supposedly cast in the 8th 
at 7th century B. C. Powerful self-assured in 
its austere rigidity, it stands in relationship to 


in this area, parallel to that of Greece? 

At least questions can be formulated here. 
That is not even possible for Sardinia ^ its 
strangely expressive bronzes — one man in 
whom Ortiz recognizes a tribal chief has a face 
like a Bernard Buffet portrait. Nor is it with 
early bronzes from Spain. The five pieces in 
the show alone form a disparate gathering, not 
one convincingly relating to the other. The 
figure of a standing woman, one hand raised, 
her bead thrown bade, with a formal anile on 
her lips, is a marvelous work of art. But his 
not much Qhimmated by the contorted suppo- 
sitions in which the entry indulges. 

Masterpieces of ait or casualties of histo- 
ry? Both characterizations are equally appli- 
cable in many cases. The man who went after 
these pieces knows a great object when he 
sees one. The beauty is as much our gain as 
the lade of knowledge is our loss. The speed 
with which we squander the buried treasure 
of the world's heritage is frightening. 


objects fall into several categories. Ceremonial 
stools known as duhas were a sign of rank. Colum- 
bus and his crew were offered many wooden dn- 
hos, some with eyes encrusted with gold. The gold 
was extracted, the duho thrown away. 

The duho is a four-footed figure sometimes with 
a head atop the backrest (and carved genitals 


between the legs), but a g rinning bead could also 
be placed between the sitter's legs, in which case 
the backrest became a stylized raised tail. 

The main religious ceremony was the cohaba, 
which surrounded the taking of powdered halluci- 
nogenic herbs. Participants first thrust a long, 
intricately carved spatula down their throat to 
purify their bowels by throwing up. The powder 
was placed on the dish-shaped top of a carved 
divinity, the zemi, and inhaled through twin pipes 
placed in the nostrils. The inhaler was also carved 
m a human shape. 

A number of sculptures and day figures show a 
bony figure sitting on his duho in a trance. Some 
zemis were made of cotton and there is one rather 
eerie one woven over a human skull 

Another Taino ritual was a ball game played 
with a rubber ball that bounced very high — the 
object of the game was to keep the ball aloft as long 
as possible. A Taino playing field can still be seen 
near San Juan de la Maguana in Puerto Rico. The 
exhibition includes a considerable number of 
carved stone objects related to this game. 

Perhaps the most striking vestiges of this culture 
are the abstract stone zemis in the shape of three- 
pointed stars. A large number of them have been 
assembled in one room, and their diversity is 
fascinating. Some grow beads on the lower pants, 
others develop a face between the upper point and 
a lower one, like our own conventional image of a 
face in the crescent moon. The totally abstract 
ones appear more attuned to current aesthetics, 
leaving (me to wonder about the society that pro- 
duced such a wide range of objects, some fierce, 
some humorous and some sublime. 


Streisand Collection Brings $5.8 Million 


N EW YORK — Barbra Streisand’s collec- 
tion of Art Deco and Art Nouveau was 
auctioned by Christie's for S5.8 million, 
well above the $4 minion the auction 
house estimated the sale would bring. More than a 
third of the total $2 million, came from a single 
painting. ’ Tamara de Lempkka's “Adam and Eve" 
from 1932, a record for a fainting by that Art Deco 
artist and well above Christie’s top estimate of 
$800,000. 


New York Times Service 


From Beverly Hills after the Thursday sale, Streisand 
said by telephone: “I was working out with my exercise 


teacher and when the bidding went over the top, I 
screamed. I paid only $135,000 for it !0 years ago” 
The bidding on the 176 items from Streisand's 
collection was heavy throughout. All the items sold, 
most of them for more than the presale estimates. “An 
awful lot of the success of the rale had to do with the 
fact that this was Barbra Streisand’s collection,” said 
Christopher Burge, the chairman of Christie's in 
America, who was the auctioneer. The major disap- 
pointment was a Louis Comfort Tiffany cobweb lamp, 
which brought $717,500, below the estimate of 
$800,000 to $1 million. “1 made more than 100 times 
what T paid for it," said Streisand. “My motto is ‘Be a 
bufl, be a bear but don’t be a pig.’ " 


auction sales 


ART EXHIBITIONS 


7TTTTTI7 


MAASTRICHT 


IN FRANCE 


PARIS 


DROUOT RICHELIEU 

9, Rue Drouot, 75009 Paris - TeL- (1) 48 00 20 20. 





Mj 








New Romantics Debut at Louvre 


Monday, Mcnh 14, 1994 

Room 4 ai 2 p.m. - ART DECO, PAINTINGS. FURNITURE, OBJETS 
D'ART. BARON -RIBEYRE, 5, rue de Provence, 75009 PAWS. TeL: 
«;iM2 4ti CO 77 - Euu (1) 45 23 22 92. 

Tuesday, Modi 15 - Wednesday, March 16, 1994 

Room 2 at 2.15 pm • ARMS, HISTORICAL SOUVENIRS, DECORATIONS. 


Expens: MM. I.P. DudMran, R. Mouilla. ADER T/\)AN, 12, rue Front, 75002 
PARIS. Tel.: ft) 42.61 £0.07 - Fax: (1) 42.6139-57. In NEW YORK please 
contact Ketry Maison rouge & Co Inc 16 East 65th Street, fifth floor, N.Y. 
10021. Phone (212) 737 35 97/737 38 13 - Fa* (212) 86l 14 34. 


Friday, March 18, 1994 

Room 14 at 2.15 p m. - OLD AND MODERN PRINTS. Expert Mrs. 
D Rousseau. ADER TAJ AN, 12, rue Favatt, 75002 PARIS. Tel.: 


(!) 426l.ffl.07 - Fax (1) 42.6l.39.57. In NEW YORK please oonlaa Kerry 
Maisonrouge & Co Inc. 16 East 65th Street, fifth Boor, N.Y. 10021. Phone 
(2121 737 35 97/737 38 13 - Fax: (21ZJ 86l 14 34. 


Monday, March 21, 1994 

Rooms 1 & 7 ai 8-30 p.m. - IMPORTANT ABSTRACT AND 
CONTEMPORARY PAINTINGS SCULPTURES: ADAMI, AGAM, 


ALE CHIN SKY, APPEL, ARMAN. BAI, BA5QUIAT, BROWN, CALDER, 
CARDENAS, CESAR, CHAJSSAC. COMBAS, DEERE, DOKOUPH, EURO, 
FAUTRTER, GEAR, HARTUNG, HAYTER, HEUON, HUCLEUX. Seund JA 
RHEE, LAM, LANSKOY, LAPICQUE, MANESSIER, MASSON, MATH3EU, 
MATTA, MICHAUX PANAMARENKO, PINCEMIN, PIENSA, POLIAKOFF, 
RIOPELLE, de SAINT-PHALLE, SAURA, SCHNEIDER, SPOERRI, STELLA, 
TAT1RI. TAWS, TAL COAT. TAPES, TSINGOS, UBAC, VENET, Y1ALLAT, 
VIERA DA SUVA, WARHOL, ZAO WOU-KL On view at the auctiormeer'S 
office from Monday March 7 to Friday March 11, 10 sum. - 1 p.m. - 2 p.m. 
- 6 p.m. Saturday March 12, 11 a.m. - 6 p.m. Monday March 14 to 
Thursday March 17, 10 a.m. - 1 p.m. - 2 p.m. - 6 p.m. At the Hold 
Drouot: Saturday March 19 and Monday March 21, 11 a,m. - 6 p.m. 
Catalogue on request at the auctioneer's office FF 100, Europe FF 120, 
other country FF 140. LOUDMER, 7, rue de Rossini, 75009 Paris. Tel: 
fl> 44 79 50 50. Fax- fl> 44 79 50 51. 


EUROPEAN 
FINE ART FAIR 




arts .r.:. ,i ['Uxlcrn niuhi'in- 


Y1ECC 

MAASTRICHT 

THE NETHERLANDS 


12-20 MARCH 1094 

Monday - Friday 1 LOU - 20.00 
Saturdav Sunciav I • .00 - 18,00 


i n ! u Tel : i 2 i - 7 3"i 1451 65 


By Suzy Menkes 

Internationa/ Herald Tribune 


U v* _ y 




p 


ARIS — Fashion’s new 
romantics took to the run- 


way on Friday — all fuzzy 
hair, faded Dower prints 




ANTIQUES 


Tuesday, March 29, 1994 

Rooms 5 & 6 at 2 p.m. - OLD MASTER PAINTINGS, 17th, 18th. 19th 
FURNITURE AND OBJETS D’ART. MILLON -ROBERT, 19, rue de la Grange 
IfaieKre. ■’5009 PARIS. TeL f!> 48 00 99 44- Fax: (048 00 98 58. 


DROUOT MONTAIGNE 

15, avenue Montaigne. 7500B Paris -Tel: (1) 480020 20. 
Tuesday, M eath 22, 1994 


p WE BUY AND SELL =1 

JAPANESE ANTIQUES OF THE LUO 6 
MEQI ERAS. IAMNE5E WEAPONRY, 
SWORDS 6 FTT7WC5. 

FLYING CRANES ANTIQUES. LTD. 
Fine Salsuisa, I marl, lapanese bronzes 
& mixed metalwork, cloisonne 8 silver, 
lapanese swords. Wades, sword fittings. 
»«* Wows. bows. mows. qnWis & more 
FLYING CRANES ANTIQUES, HO. 
1050 Second Aicmg, NX N.Y. 10022 
TfeL (2!2| 223-4690 
~ Fan (2 12) 223-460 1 .T.T.-l-l 


Spink 
deal in 


English Paintings and Watercolours 
Oriental Asian and Id antic Art 
Jewellery * Textiles 1 Medals 
Coins ■ Bullion - Banknotes 


SPINKI 


AI 8.30 p.m. - ART NOUVFjUI; GALLE, DAUM, MAJORELUt, ARGY- 
ROUSSFAU, LAUQUE, eic. MILLON-ROBERT, 19, rue de la Grange 
Ikileliew, 7S00P PAULS. Td. (l.i 48 00 99 44 - Fax.- (1) 48 00 98 5& 


SPINK A SON LTD, 5. 6 ft 7 KING ST. 
ST JAMES’S. LONDON, 
ENGLAND SWIYtQS. TEL: 971 -930 7B8 
FAX: V71-S39 4853L TELEX: 91*711 


SANTA FE 


Thursday, March 24, 1994 

Ai H 3" P m - ART DECO: LFLFU, RUHLMANN, SUE $ MARE, MERE, 
IK1NT2. CHAKFAU. DURAND. MILLON-ROBERT, 19, rue de b Grange 
tUielierc. TAutW PARIS, Td ill 48 00 09 44 - Fax (II 48 00 98 58. 


“ART EXHIBITIONS” 
“ANTIQUES" 


NA GEN « DEW EY 
SANTA FE 


Friday, March 25, 1994 

IMIOKTANT MODERN AND CONTFMPQRARY PAINTINGS. 


“AUCTION SALES” 


Ai S AD p.m - IMPORTANT MODERN AND CONTEMPORARY PAINTINGS. 
I'KINTZ, Cl IARFAU. DUNAND. MILLON-ROBERT. 19. rue de b Grange 
ILuelifre. - > Hx» PARIS. Td. ( 1 1 48 W 99 44 - Fax (11 48 00 9fl 58. 


1 wear 
7 Satan 


every Saturday 


Quality Old 

FffiVaiOA MEXICAN TEXTILES 
505-898-5058 
k EsL 1975 a 


-A- hair, faded Dower pasts 
and soft dresses. They kicked off the 
fall shows of a landmark season. 

For the first time, the Paris 
ready-to-wear collections are being 
staged at the Carrousel du Louvre, 
the new purpose-built subterra- 
nean venue that removes the shows 
from the circus (aits and into a 
clinical, but professional and per- 
manent environment. 

“ft is a big moment for French 
fashion and a demonstration of the 
power of Paris,” said Jacques Mou- 
clier, who instigated the changes as 
president of the Chambre Syndi- 
cale, fashion's ruling body. 

“There are 38 presentations at 
the Louvre — more than half the 
showings --and I am happy to find 
that those who were at first critical 
are now convinced about the new 
anangemenu." 

The season is also significant for 
its united nations of fashion that 
make Paris unconditionally and in- 
contestably the epicenter of the 
fashion world. 

Foreign designers make up abort 
a third of the shows, which indode a 
strong Asian presence. Moodier 
says that the foreign invasion is part 
of the strategic planning over 20 
years by the Chambre Syndicate to 
welcome aQ comers to Paris. 

Any complaints from the tradi- 
tional French bouses that they are 
being engulfed by the new wave 
reflects the current jostling for po- 
sition on an overcrowded calendar. 
Bat Moodier says that this is an 
interim problem.' Many <rf the new 
names may not stay the course. 
Five years is the moment to judge if 
a house that may seem hot now has 
staying power. 

The Belgian Dries Van Nolen 
founded his bouse in Antwerp in 
1985. His show on Friday promises 
a bright future For he managed to 
capture the derive spirit of moder- 
nity in his lung , poetic, post-feminist 


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One of Dries Van Noten’s graceful flowered prints. 


silhouettes, in his subtle mingling of 
fabrics and above all in the way that 
the varied pieces were put together. 
And not an outfit came out that 
could not have walked right out on 
the street, providing that the wearer 
has the sweet face of youth. 

Tbe collection started on a melan- 
choly note with the all -black garb 
beloved by existentialists and fash- 
ion groupies. But Van Noten’s 
choice of venue — a moldering mu- 
seum with dull gilding and faded 
tapestries — underlined the message 
of the materials that enlivenedthe 
black parade. Everything looked 
old, faded and worn, but as though 
it had started its life as a piece of 
lustrous silk or deep pile wool 

They had metamorphosed into a 


plain dress with a slip of silk at die 

hem, a kimono soft coat tied over a 
lone skirt or a cropped sweater 
pulled over a dress that was the 
show’s big statement By the time 

he brought out the best —prints of 

flowers colored brown like the var- 
nish on a Vermeer pamting — the 
models had a lyrical grace. 

“A fashion poet? That’s for you 
to say, but it’s OX with me,” said 
Van No ten after the show. “1 want- 
ed nice women of all ages and dif- 
ferent shapes, and I lie 10 play 
with color and form.” 

Mariot Chanel's romance was 
lough to take and hard to view 
because so much of the collection 
was in impenetrable black. But 
once the eye in the sun-filled space 


adjusted to the strange headgear 
sprouting at the sides, the show 
took shape. It was, like so much 
avant-garde design, about wrap- 
ping and tying and draping, rather 
than traditionally tailored silhou- 
ettes. And it was also about the all- 
important juxtapositions of fabric. 

That might mean a satin Chinese 
jacket gleaming against felted wool 
(knitwear already seems a key to 
the new season). Padded jackets in 
while as well as black stood away 
from, skinny wrapped dresses or 
pants. At night sparkles on chiffon 
contrasted with the deep black of a 
velvet dress that wrapped the body 
in a feminine, modern way. The 
design duo of Olivier Chilenei and 
Michelle Meunier worked with 
Thierry Mugler and Comme des 
Garmons respectively. 

Christophe Lemaire, who won 
the Prix de Crfeation of the city of 
Paris last month, was in the studio 
of Christian Lacroix. Lemaire sent 
out the bathrobe coat, tha t may 
turn out to be a hot item of the 
season. Using candy-wrapper fab- 
ric and other night-for-day materi- 
als like lurex for sweaters was his 
strongest suit 

Junya Watanabe, a protfegfc of 
Comme des Gar^ons, opened the 
Paris collections with a shock of 
color and an even greater shock at 
Afro hairstyles. He focused on the 
blanket, in brigbtly colored plaid, 
feather-light mohair or boiled 
wool a material favored by young 
designers because its felted surface 
can be sculpted, rather than tai- 
lored, to the body. 

For the finale, the plaids came 
oat as scarves snaking round ihe 
hips as sarong skirts over simple 
black jumpers. Not everything was 
so simple. A tricksy effect echoing 
Comine’s early days were sweaters . 
that grew so far at the wrist they 
could have contained a giant's 
limbs. 


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But Watanobe's optimistic col- 
ors and romantic approach to. 
dressing in a dress made a bright 
opening to the long Paris season 
that closes on Friday. 


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i 



INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 5-6, 1994 


M» 


v °l AND THE INTERNATIONAL HERALD TRIBUNE 


1. Where do you usually obtain your copies of the 
International Herald Tribune? 

subscription delivered to your home [ i j p - 
subsctiption delivered to your office — personal subscription \ ?\ 

- circulated copy d 
buy regularly from newsagent / newsstand d 
buy occasionally from newsagent / newsstand 1 H 
friend or colleague's copy d 
airline / hotel copy d 




2a. How often do you usually read or look at the IHT? 

5-6 days a week □ l- 2 daysaweek Q, | 13.Areyou? 

3-4 days a week Q Less often than once a week Q 

2b. Where do you usually read or look at the IHT? 

(Please check all that apply) 

At home d Traveling abroad [ Tlnam 

At work Q Elsewhere d 

Traveling to and from work d 


8. In the last 12 months, approximately how many nights 
have you spent in hotels on business? 

None d 8 - 14 Q 30 - 49 Q 75 or more a, 
1-7 □ 15-29 □ 50-74 □ 

9. In the last 12 months, how many times have you rented a 
car (for business or personal reasons, at home or abroad)? 

Not rented d 3-6 rentals d 1 5 rentals or more FiL 

1 - 2 rentals □ 7 - 14 rentals □ 

10. Please indicate whether you have done either of the 

following in the past 12 months: 

FOR PERSONAL FOR BUSINESS 
REASONS REASONS 

Flown in a privately chartered aeroplane Q Id 

Used your company's private aeroplane d d 

11a. Please indicate whether you own any of the following 
companies' calling cards, excluding pre-paid telephone 
cards. (Please check all that apply) 

AT&T □ MCI □ Spri 11 * 

Other Q Do not own one d^ skip to q. 12 

lib. How many times, on your last business trip outside 
your own country, did you use your calling card? 

None □ Twice Q 6-9times Q* 

Once d 3-5 times d 10 or more times d 


ABOUT YOU 


12a. Of which country (or countries) are you a citizen? 

(Write in) gg 

12b. In which country are you currently resident? (Write in) 

HW2) 

«H<) 

12c. For how long have you been living in your present 
country of residence? 

Less than 6 months d 1-2 years □ 5-10 years Q, 
6 - 12 months d 2 - 5 years Q 10or ^ □ 



A U.S. DOLLAR FROM YOU TO A CHARITY 



Male d Female dL 


14. What is your age? 

Under 25 □ 35-44 □ 55-64 Qa 

25 - 34 d 45 - 54 d 65 or over d 

15. What is the highest educational level yon attained? 


3a. Does your spouse/partner read your copy of the IHT? 

• Yes"E3 - No dw 

3b. And how many people in tota l, exc luding yourself, 
usually read your copy of the IHT? 

One d Three d Five or more dnsj 

Two d Four d No one else Q 


4. How interested would you b e in re ading a lengthier, 
magazine-type article in the IHT? 

Very interested d Quite interested d Not very interested d 




TRAVEL 


5. Approximately how many business air trips did you 
make in the l ast 12 months? (Count a round trip as one). 

None Q 3-5 □ 10-19 Q 35+ CL 

1-2 Q 6-9 Q 20-34 □ IF NONE «»SKIFTOQS 


6. To which of the following destinations did yon fly on 
business in the last 12 months? 

THE AMERICAS 

USA Fliwn 
Canada d 
Latin America □ 


EUROPE 
Belgium / i — i 
Luxembourg 

France Fzl 

Germany d 

Italy □ 

Spain Q 

Switzerland d 

Netherlands Q 

□ 

British Isles dl 
Russia d 


fl!)n 


Other Eastern Qj 


asia/pacific 
Hong Kong Q 
Singapore [~~J 
Japan d 
Taiwan Q 
Thailand Q 
Malaysia Q 


Indonesia □ 
China d 
Australia d 
New Zealand d 
Other Asia/Pacific d 

MIDDLE EAST □ 
AFRICA □ 
ELSEWHERE d 


European Countnes 

7a . For business trips, which class of air travel do you 


usually use 


m 


FOR 

SHORT-HAUL TRIPS 
(Up to four hours) 

First Class d( 
Business Class | g| 
Economy d 
No such trips d 


1(231 


FOR 

LONG-HAUL TRIPS 
(Over four hours) 

□, 

□ 

□ 

□ 


7b. Do you belong to an airline’s executive/frequent 
flier dub? Yes □ No □ M 

7c. If yes, which one(s) do you mainly use? 

(Please write in) 


Doctorate/ i — i University degree/ equivalent i — i 

higher university degree LiJ professional qualification LaJw 

MBA d Secondary or high school d 

16. Into which of the following groups does your pre-tax 
annual household income from all sources fall? 

(Check in USS or write in your own currency) 

Up to US $50,000 □ $1 50,000 to $199,999 Q, 

$50,000 to $74,999 □ $200,000 to $249,999 □ 

$75,000 to $99,999 □ $250,000 to $499,999 □ 

$100,000 to $149,999 □ $500,000 or more □ 

Or annual income in own currency (write in) 


17a. How many cars are there in your household, 
including any company cars? 

No car d One d Two d Three or more d^ 

17b. What do you estimate to be the current cost of your 
main car, if purchased new (to the same specification)? 

Under US $15,000 Q $40,000 to under $75,000 de* 
$15,000 to under $25,000 d $75,000 or more d 

$25,000 to under $40,000 d 

18. Which, if any, of these cards do you use? 

(Please check as many as apply) 

Access/Eurocard/Mastercard (Gold) d Diners Club dU* 

Access/Eurocard/Mastercard d Visa Gold/Premier d 

American Express Gold/Platinum d Visa/Carte Bleue d 

American Express Green d None of these d 

19a. Which, if any, of the following types of investment do 
you or members of your household have? 

Stocks and Shares dra* Life Assurance Policies dL 


Bonds d 

Government Securities d 

Investment funds (including I I 
Mutual Funds/Unit Trusts ) 

Private Pension Plans d 


Derivative Products d 

Gold/Precious Metals d 

Real Estate (excluding i — i 
main residence) Lil 
Collectibles (art, antiques, r— i 
coins, stamps, etc.) Lil 

Other d 


19b. What is the approximate total value of the above and 
any other investments (excluding your main home) 
owned by you and members of your household (in US $)? 

Under US $50,000 d 5500,000 to under $1 million HU 
$50,000 to under $100,000 d 51 million to under $5 million d 
$100,000 to under $250,000 Q US S5 or more d ' 

$250,000 to under $500,000 □ 


VOI R OCCU PATION 


20. Are you . . . ? 

Working full-time d Student d Not in a paid occupation dw 
Working part-time d Retired d Other d 

If you are not working full-time or part-time, please skip to bottom of page. 

21. What is the principal activity of the organisation for 

Education d 

Legal □ 

Medical d 
Government/ rn 


which you work? 

Primaiy/Public Utilities dm 
Manufactwing/Engineering d 
Wholesale/Retail d 
Financial Services d 
Other Business Services d 


( 53 ) 


Diplomatic Service 
Other (Write in) d 


22. What is your job status? 

Proprietor/Partner di 

Chairman/ i — i 

Chief Executive/President LiJ 

Managing Director/ i — i 
General Manager Lil 

Other Senior Management d 


Legal Practitioner [ 71 a 
Medical Practitioner | 71 

Technologist D 
Academic |J 

Teacher d 


Scientist/Researcher/ 


Middle Management d Govemmen^Qfficer/ d 

Exetmtive d Other (Please give details) d 

Self Employed/ 

Independent Consultant L-iI 


23. For which, if any, of the goods and services listed below 
are you wholly or pardy responsible for company decisions 
to purchase or lease, or to appoint or change a supplier? 

(Please check as many as apply) 

COMPUTERS/SOFTWARE ffi* 

Network Systems d Corporate Financial Services d 
PCs/Desktop Computers/WPs d Fund Management d 

Laptop Computers d Foreign Exchange d 

Computer Peripherals d Insurance Services d 

Software/Software Services d Company Credit Cards d 

BUSINESS SERVICES 




TELECOMMUNICATIONS 
Facsimile Equipment d 

Telecommunications | — | 
Systems or Equipment I— zJ 


Legal Services d 
Management Consultancy r — j 
Services Ld 

Executive Recruitment d 

0raER =S □ ^ ana S emerit Training Courses GW 

Company Aircraft □ TlaVeI □ 

Company Vehicles □ Conferences/Exhibitions |J 

Plant and Equipment □ PR/Marketing/ [— ] 

Scientific Instruments d Advertising/Market Research ^ 

Raw Materials d Courier/Freight Services d 


Business Premises/ 
Industrial Site Selection 


□ 


FINANCIAL SERVICES 
Domestic Banking d 

International Banking d 


Information Services d 
Data Management d 

None of these d 


24. Does your company operate outside the country in 
which you are currently based? Yes d No d« 


10-49 

□ 

50-249 

□ 

250-999 

□ 

1000-4999 

□ 

5000+ 

d(S6) 

□ 

□ 

□ 

□ 

d«Wl 


25. How many people does your company employ . . . 

Under 10 10-49 

a) in your country i — i i } 

of residence? L_u L_d 

b) worldwide? d 

26a. Which of the following international activities do you 
carry out in the course of your work? 

I purchase goods/services from | i _ I ma nage t he company « . 

suppliers in other countries 1 — iJ nuances at an international level 1 — aJp 

I influence strategic decisions 1 raise ca P ital □ 

about the company's n internationally Ld 

international operations L- 2 J None of these [J 

26b. In which of the following countries/regions are you 

involved in the course of your work? Africa Q 


Western Europe daaw 
Other Europe |d 
USA/Canada d 
Latin America d 
Middle East d 


Japan Q 
South East Asia d 
Other Asia d 
Australia/New Zealand d 
None of these d 


(7B)b 




7 


* 


MT1>rt U DO 






FOLD IN SEQUENCE 

First fold to Fourth fold. 
Then tuck Flap B into Flap A 


INTERNATIONAL HERALD TRIBUNE 




w m 
% £ 


k L J « 

g W B 

M M . 


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S * S 

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T 'HE International Herald 
Tribune has donated around 
$65,000 to charity, on behalf 
of our readers, in connection 
with periodic reader studies 
like this one. 

P LEASE help us continue 
this important program by 
completing and forwarding 
the questionnaire on the 
reverse side of this sheet. 

Our warmest thanks for 
your help. 


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THE TRIB INDEX- 11 ^ pniil 

ly B loomberg ^ ,ries . 



The Max tracks U.S. doBar values of stocks in; Tokyo, Now York, London, and 
Argentina, AustraSa, Austria, Belgium, Brad, Canada. Chita, Danmark, Finland, 
France, Germany, Hong Kong. Italy, Mexico, Netherlands, New Zeeland, Norway, 
Singapore, Spain, Sweden, S wta er ta n d and Venezuela. For Tokyo. New York end 
London, the Index hr composed of rite SO top Issues In asms of market capitalization, 
otherwise foe ten top stocks era tracked. 


1 industrial Sectors ] 


fit • Pm. % 
dome etom etixogp 


Frt- 

dom 

Pm 

dm 

% 

ctanp 

Energy 

111.54 112.07 -4M7 

Capital Goods 

11210 

11123 

40.15 

Unties 

123.37 12136 40.01 

RwlfeMBb 

11735 

116.82 

+028 

Finance 

J 17130 117.35 -0.0* 

Consumer Goods 

99.35 

98-93 

+0.42 

Services 

121.48 121.26 +0.19 

wsceoaneoGs 

12920 

128.18 

+020 

For more tnfonnation about the Index, a booklet is avaiafte fme of charge. 

Writs loTrib Index, 181 Avenue Charles de GauSe, 9ZS21 Netsfy Cedex, Fiance. 


C International Herald Triune 


Jobless 
Bate Falls 
In U.S. 

217.000 Workers 
Hired in February 

The Associated Press 

WASHINGTON — Unemploy- 
ment in tbe United Stales fell an 
unexpected two- tenths of a percent 
in February as workers found jobs 
despite frigid weather in the Mid- 
west and Northeast, the govern- 
ment reported Friday. 

Tbe Labor Department said the 
unemployment rate slipped to 6J 
percent in February from 6.7 per- 
cent in January, when the govern- 
ment changed the way it measured 
the number of Americans out of 
work. Employers added a seasonal- 
ly adjusted 217,000 nonfarm jobs. 

In another report Friday, the 
Commerce Department said its in- 
dex of leading economic indicators 
rose 0.3 percent in January, signal- 
ing that economic growth will con- 
tinue this year but at a moderate 
pace. 

Tbe index has now risen for six 
straight months, including ad- 
vances of 0.7 percent in December 
and 0.4 percent in November. 

Laura D’ Andrea Tyson, who 
heads the Council of Economic Ad- 
visers, said the data showed that 
economic growth was occurring 
without accelerating inflation. 

“Not only is current inflation ex- 
tremely modest, but tbe fundamen- 
tals that explain future inflation — 
wage patterns, productivity, import 
prices and energy prices — all re- 
main well-behaved, too.” she said. 

Despite the improving jobs cli- 
mate, many economists had expect- 
ed little change in the unemploy- 
ment rate because of the snow and 
ice storms that gripped much of the 
country’s mid-section, the mid-At- 
lanric region and New England. 

Concensus estimates were for an 
increase of 100,000 nonfarm jobs. 
The Labor Department said non- 
fann payrolls fell by 2,000 in Janu- 
ary, a revision from an increase of 

62.000 originally reported. 

Robert G. Dedenck, chief econ- 
omist with Northern Trust Co. in 
Chicago, called tbe employment re- 
port “good, but not spectacular.” 





Swatchmobile: A Tiny Bubble 


Reuters 

STUTTGART — Mercedes-Benz and the mak- 
er of tbe Swatch watch on Friday unveil ed a 
bubble-shaped city car nicknamed the Swatchmo- 
bile. 

Mercedes-Benz, a Daimler-Benz AG subsidiary, 
is joining forces with Switzerland's SMH — Seria- 
te Suisse Microdectronique et d’Horiogerie SA — 
to produce the car from 1997. 

“We will have a very different car, but at the 
same time it will possess typical Mercedes quali- 
ties,” Helmut Werner, the Mercedes-Benz chair- 
man, said at the presentation of two prototypes of 
what the companies call the “micro compact car.” 

The Eco-Sprinter version, which puts the stress 
on enviro nmen tal concerns in its materials, and a 
convertible model called tbe Eco-Speedster, were 
on show. Both models feature the same short hood 
and smooth lines that characterize the new genera- 
tion of environment conscious cars. 

Nicolas Hayek, tbe SMH chairman, has long 
nursed the concept of a car that combines the 
Swatch watch characteristics of quality, unoonven- 


ricmality and affordability. But negotiations with 
- ’oftjwagen AG, came to an 


one potential partner, Vol 


abrupt end a year ago because of VW's slump in 
profitability, 
rbeioint 

will be under joint management, with Mer- 


profitabibty. 

“Tbe joint venture wili be based in Switzerland 
and 

cedes bolding a 51 percent stake and SMH 49 
percent,” Mr. Werner said. A factory rite has not 
yet been picked. 

The car was described as being able to accelerate 
horn 0 to 100 kilometers an hour (0 to 62 miles an 
hour) in 13 to 14 seconds, with a top speed of 140 
kph and a range without refueling of 500 kilometers. 

The car is to be 15 meters long and between 1.4 
and 1.5 meters wide (about S by 5 feet), meaning 
that in many city areas drivers could park it side- 
ways. The company has not yet decided whether it 
will run cm electricity, gasoline, diesel fuel or a 
combination of power sources. 

Mr. Werner said the price had not yet been fixed 
but would be “very, very competitive,*’ likely less 
than 20,000 Deutsche marks ($1 1 ,700). SMH pre- 
viously said it expected the car to sell for around 
$10,000. 


Trade Threats 
Fail to Bring 
Japanese Action 


Bonn to Cut Lufthansa Stake 


Reuters 

BONN — The German govern- 
ment will cut its 51.4 percent stake 
in the national airline Luf thansa 
AG to a minority holding this year, 
a Finance Ministry official said 
Friday. 

Eckart John von Frey end, the 
minis try’s director in charge of 
state holdings, said the govern- 
ment’s goal was to completely pri- 
vatize tbe troubled German carrier. 

“The government wiD give up its 
majority in Lufthansa in 1994,” he 
said. “We could sell 2 percent or 
the entire 51 percent, but the deci- 
sive step will be to fall below a 
majority position,” be added. “The 


volume will depend on the situa- 
tion on the stock market” 

Mr. Frey end said tbe govern- 
ment was working with interna- 
tional banks to prepare the sale, 
but iL was still not clear bow it 
would lower its stake. 

It could sell part of its holding on 
the stock market or through a capi- 

Pragres was reported in U.S.- 

German air talks. Page II. 

tal increase in which the govern- 
ment would not participate and 
thereby have its stake diluted. 

Lufthansa has said it would 


break even in operating earnings 
this year after cutting its losses 
more quickly than expected, to less 
than 500 milli on Deutsche marks 
($292 million) last year. 

It has introduced a broad re- 
structuring program, cutting staff 
by 7,500. to 40,500. by (he end of 
1994 and revamping its business 
divisions. It also has been seeking 
cooperation with other airlines. 

But broad restructuring to im- 
prove the airline's cost structure 
and make it more attractive to in- 
vestors has been prevented by a 
conflict over an employee pension 
fund. 


By David E. Sanger 

New York Tima Service 

TOKYO — With President Bin 
Clinton turning up the heat on 
trade sanctions against Japan, 
Prime Minister Morihiro Ho- 
sokawa on Friday conceded he had 
not yet begun to enact the sweeping 
economic reforms his country 
needs but vowed “to ensure that 
the Japanese market is open to the 
rest of the world.” 

There was little evidence that 
Mr. Clinton’s strategy — to threat- 
en unilateral action by the United 
Stales against abroad range of Jap- 
anese products unless progress is 
made — was spurring Mr. Ho- 
sokawa's government to make con- 
cessions or even generate new ideas 
about how to close the $59 bQlion 
trade gap. 

In fact, Japanese and American 
officials said they thought that 
whatever momentum Mr. Ho- 
sokawa once had to push through 
new market openings was quickly 
fading. 

Tokyo's Nikkei-225 stock aver- 
age rose 360.14 points, or 1.84 per- 
cent, on Friday as investors con- 
cluded that Mr. Clinton’s trade 
declaration sounded tougher than 
it really is. Sense seemed confident 
that the declaration actually 
worked to Japan’s interest, because 
it could defuse far worse proposals 
on Capitol Hill. 

“If anything. I’m afraid we are 
slipping backwards,” an American 
official here said Friday. “However 
we frame the message in Washing- 
ton. it still does not look like it is 
getting through-” 

Japanese officials said it ap- 
peared unlikely that Mr. Hosokawa 
would prepare new proposals on 
improving access to Japanese mar- 
kets by the time Secretary of Slate 
Warren M. Christopher arrives 
here Wednesday. Mr. Christo- 
pher's visit mil mark the the first 
high-level talks since Mr. Clinton 
and Mr. Hosokawa reached a dead- 
lock on trade issues last month in 

Inan^hour-Jong policy speech to 
the parliament on Friday — a Japa- 
nese equivalent of the State of tbe 


Union address — Mr. Hosokawa 
had little to say about tbe specifics 
of handling the new Lension with 
Japan’s biggest ally. He never men- 
tioned Mr. Clinton’s action to re- 
vive the so-called Super 301 provi- 
sion that empowers the 
government to draw up a hit list of 
countries that block American ex- 
ports. 

“Japan is currently running a 
massive current-account surplus,” 
Mr. Hosokawa said, “and there are 


Japan’s current-account surplus 
widened in Jamtary. Page 13. 

still insistent voices claiming that 
the Japanese market it dosed. 
While some of this criticism stems 
from misunderstanding, I would 
rather see this as evidence of the 
high hopes people have for Japan 
and I believe we should take the 
initiative in implementing neces- 
sary reforms in our own interest." 

Mr. Hosokawa’s speech seemed 
to embody the United States' big- 
gest frustration with his govern- 
ment: Its policies seem as if they 
were drawn from Washington’s 
wisb-list but its execution seems 
forever delayed. 

With his coalition government 
veering from crisis to crisis, howev- 
er, Mr. Hosokawa seems in a weak- 
er position than ever to execute 
those goals. The trade issue has 
become simply another of the 
many issues being manipulated by 
politicians jockeying for position 
around Mr. Hosokawa. 

Tbe opposition liberal Demo- 
cratic Party, which was ousted 
from power'lasi summer after dom- 
inating the country’s politics for 38 
years, is using the dispute with the 
United States to portray Mr. Ho- 
sokawa as an incompetent caretak- 
er of the American relationship. 

Tbe prime minister “is trying to 
make the trade dispute with the 
United States seem insignificant,” 
said Yobei Kono, the leader of the 
Liberal Democrats. 




ECONOMIC SCENE 


Indexed Bonds: Still Waiting Offstage 


By Peter Passell 

New York Times Serna 

NEW YORK — Have interest rates on 
UJS. Treasury bonds soared because tire de- 
mand for capital is blooming along with the 
U.S. economy? Or are frightened lenders sim- 
ply reacting to tbe first whispers of inflation? 

Tbe question kept popping up at last Satur- 

— 3 in Germany of finance officials 

; of the 


and central Bankers of the major industrial 
nations, in spile of the agenda’s more press- 
ing issue of aid to Russia- 
It obviously bothers the Federal Reserve 
Board chairman, Alan Greenspan, who, al- 
though too much the old-school gentlemen to 
say so, is vexed by talk that he might let 
inflation get out of hand. 

By no coincidence, Mr. Greenspan last 
week again raised the notion of creating a 
different sort of government security whose 
market price would provide a nearly defini- 
tive test of whether investors are indeed 
frightened by inflation - , bonds with both the 
interest payments and redemption value in- 
dexed to the cost of living- 
The idea has yet to catch the fancy of the 
Treasury, which, according to the Congres- 
sional Budget Office, has dear legal authority 
to issue an inflation-proof bond. _ 
Indexed bonds are already a marketing 
success in Britain, where one new govern- 
ment bond in five is linked to consumer 
prices. Talk of U5. indexing is cheering up 
some academic specialists, who have long 
been enamored of the prospect. 

“Is there any economist who doesn t like 
indexed bonds?” asked Robert Hall of the 
Hoover Institution at Stanford University. 
A garden-variety bond carries a fixed inter- 


est rate, known as its coupon, and a set 
redemption payment — say. interest of $35 
every six months for 30 years and a payment 
of $1,000 at the end. 

But the market value of such a bond over 
its life is driven by a variety of forces. Pan of 
the interest, after all, represents the expected 
real return on capital, while part is compensa- 
tion for the expected fall in tbe purchasing 

The U.S. Treasury has 
accumulated piles of 
studies favoring indexed 
bonds, but has yet to act. 

power of tbe dollar. Mr. Greenspan would 
like to know which part is which, in order to 
assay expectations about price changes. 

That is where indexed bonds fit in. Sup- 
pose the Treasury issued a bond on which 
both tbe interest coupon and the redemption 
value rose with tbe general level of consumer 
prices. 

Since the interest rate demanded by inves- 
tors need not include a premium for expected 
inflation, the difference in market interest 
between tbe indexed bond and the rate on an 
ordinary bond of the same maturity ought to 
reflect expectations of inflation. 


percent and the comparable 30-year indexed 
bond yields 3 percent plus an annual cost-of- 
living adjustment That would imply inves- 
tors expected inflation to average the differ- 
ence (4 percent) over the next three decades. 

WdL not quite: a piece of the foor-percent- 


age-point difference may represent the return 
that investors would willingly give up to 
know for certain what their investment would 
be worth in the future. But Benjamin Fried- 
man, an economist at Harvard University, 
thinks it would be “close enough” to be 
informative. 

The idea of a window on inflation expecta- 
tions is not the first virtue of indexed bonds. 
James Tobin, the Nobel laureate in econom- 
ics at Yale University, sees it as a dandy way 
for investors, particularly “small, unsophisti- 
cated investors,” to save for retirement 

As important Mr. Tobin suggests, indexed 
government bonds would make it possible for 
big financial institutions to hedge their own 
long-term inflation risks. 

Then, too, Mr. Hall said, indexed bonds 
would reduce the government’s temptation to 
inflate its way out of debt 

Last but hardly least, issuing indexed 
bonds should save money — especially in 
times when tbe public is irrationally skittish 
aboui inflation. 

Mr. Hall was a member of an advisory 
committee to President Ronald Reagan that 
proposed an indexed bonds-only policy, a 
seemingly natural fit for a president commit- 
ted to a low-inflation policy. 

If indexed bonds are indeed the best idea 
since knee guards for skaters, why hasn’t the 
Treasury already issued them? Instead, the 
Treasury has accumulated piles of studies 
favoring indexation, but has yet to act. 

The Treasury’s reluctance reflects the wor- 
ry of getting stuck with the bill for an unan- 
ticipated burst of inflation — hardly a ster- 
ling rationale if tbe alternative is to stick it to 
the public. 



CURRENCY & INTEREST RATES 


Cross Rates 


March 4 

- nu = « uro B-FI BJF. SJ=. ■"» CS Potto 

* 1 “i IIHJ. MSB* UBS W UIS U7- 

Anutortom us w “£ SSJ. iuu — as u» 2MB aisr 

Brwtrts an A* otS KS* MB US5- uni w uw 

Frank** UN 2SS — - “g| ^ 3J7| gUSI 2.1CS 15UT 2X243 21617 

London (0) I* — gS nm W* 1U* BUB* W — 

Madrid MS mm r 5S — BS75 *>* U»W 

Mtt» MBS iW* *2 1*1 SX WS UTO MU 

Ntw ychK o>) — UBO 2 S' unn msi U» «5 «n* 

Ports SB wb u*»i jm irsw nil — JUJ um 

Tokyo ms " SL MB' US MB' iafB * — 

ISMS UW “2 K Ew MB' — »•»» U “* 

Zurich MH 5 EJ * 7 ~~ jijti iag nusz ism u&os 

1 ECU um “* H* SS S«R w “ 

ISOJt UBI Ugw York. Toronto and Zurich, fixings * other enters; 

CtoaRvs In Amsterxkm London New . 

Toronto rates at Stum. dollar; •: Units of MO; N.A: not mated. NA. not 

a: T9 buy one pound; b: To bur one aouar. 

npUoMb 

Othw Bolter Vriw* 

Corrent-T ___ 

Greek Brae. 

Henff. forint 
indue rupee siJt 
Lrto-ru** TUAfi* 
irbfc « " 

woeSi***- 
Kwuamdkaf ^ 

MotoV.rine. TJH 


Eurocurrency Deposits 

Swiss 


French 


March 4 

Dollar 

D-Mark 

Franc 

Sterfl ira 

Franc 

Yen 

ECU 

Imortftj 3Vb-3tt 

64ft 

4ft-4% 

5ft-5ft 

6Xr6* 

2ft -2ft 

64MM 

3 manna 3ft-3?b 


44ft 

5ft -5ft 

6**6ft 

2 ft-2 ft 

6 ft-6% 

6 months 44ft 

5ft-5ft 

3*«r4ft 

5Kr5ft 


2ft-2ft 

iVWft 

l year 4*4* 5ft-5ft 

Sources; Reuters Lkrrds Bank. 

3<Hr4ft 

5ft-5ft 

5ftr6ft 


66ft 


Intel Puts 
New Chips 
On Market 

By Steve Lohr 

New York Tima Serna 

NEW YORK— Intd Corp. will 
accelerate its drive to make the per- 
sonal computer market rapidly ac- 
cept its new generation of drips 
with the introduction Monday of 
two fast versions erf its Pentium 
microprocessor. 

For find tbe world’s largest 
maker of semiconductors, the strat- 
egy of pushing the market quickly 
toward Pentium chips serves to 
fend off growing competition on 
two fronts. 

Intel is under increasing pressure 
from makers of PC clones, such as 
Advanced Micro Devices Inc. and 
Cyrix Corp^ whose chips mimic tbe 
performance of Intel's 486 micro- 
processors, and a new drip archi- 
tecture, the Power PC, developed 
by International Business Ma- 
chines Corp., Motorola Inc. and 
Apple Computer Inc. 

Intel has followed the same strat- 
egy as it moved from rae genera- 
tion of chip to the next: the 286, 
386, 486 versions, and now Pen- 
tium. It prices its new generation 
chips for high profits and cuts 
prices on older ones, trying to de- 
prive its copycat rivals of earnings. 

This time, however, find is push- 
ing the transition more aggressively 
than in the past “Now that Intel 
has more competition, it is moving 
this new generation of chips into 
the market much more quickly,” 
said Linley Gwennap, editor of the 
Microprocessor Report in Sebasto- 
pol, California. 

The Intel plan is helped by tbe 
price wars among personal com- 
puter makers. The Pentium chips 
were introduced last faO, and by 
the end of tbe year manufacturers 
were offering Pentium-equipped 
machines priced as low as $3,000. 


Banks Reining In Traders 

Prudence Is the Word After Market Losses 


By Lawrence Malkin 

International Herald Tribune 

- NEW YORK — However much last month’s 
shocks in the bond and currency markets may have 
dampened the spirits of Wall Street's aggressive 
traders and hedge funds, their employers and 
bankers are reining them in by inspecting their 
balance sheets and tightening up on credit 

With the support of the Federal Reserve Board 
and other central banks, bankers in the private 
sector view this largely as an exercise in protecting 
themsdves against people who are gambling with 
other people's money. Their clients report that 
demands for more collateral are routine, and the 
financial paper they trade is consequently being 
valued at less by their bankers. 

“After the volatile markets we’ve had. every- 
body is looking carefully at all highly leveraged 
funds,” said the officer who signs off on credit 
lines for funds and traders at major New York 
commercial bank. “I don’t really know what a 
hedge fund is. but by my definition it means 
leverage, and that’s what everyone is looking at to 
make sure they are fully secured.” 

So far no failures have been reported, and few, if 
any, are expected. Tbe funds erf the financier 
George Soros are known to be big enough to 
swallow tbe $600 milli on loss he acknowledged last 
month after the yen shifted against the dollar. 

Bankers Trust was reported to have lost as much 
as $100 million trading foreign bonds. J. P. Mor- 
gan's highly profitable emerging-markets division 
is believed to have been cut hard when Latin 
American bonds dropped after the Fed started 
raising U.S. interest rates. 

“Of course, that’s after the hundreds of milli ons 
Morgan made last year in the same market,” said 
tbecnief of a European bank in New York. “If you 
are in Latin America for the long term like us, 
business is stiD good. When you trade, you are 
hurting — at least for now.” 

That means some bank traders will be temporar- 
ily sidelined in what they call “the penalty box,” 
because they have lost money up to the limits set 
by their employers for a specific period. That kind 
of policy lowers the bank’s risk and thus becomes a 
self-correcting force in the market as a whole by 
slowing down traders. 

Nicholas Sargeo of Prudential Global Fixed In- 
cane Advisers said that despite losses in the values 
of bonds he mrmagts; for pension funds, he was not 


badly hurt because his cheats bought to earn income 
and “long-term holders Eke us are OJC" 

Central banks, including the Fed, gave short- 
term traders no explicit instructions for a turn 
toward prudence. But last month, regulators told 
hanks to examine their involvement in risky deriv- 
atives, such as bond futures and currency options. 

This was underlined Friday when a Federal 
Reserve System governor, Susan Phillips, told a 
bond dealers’ conference that tbe Fed would be 
doing more work on “reporting, accounting, and 
disclosure” in the derivatives market in conjunc- 
tion with other central banks. 

But at the micro level, small operators are preced- 
ing with prudmee, like G P. Baker & Co. in Boston, 

Testy lenders are forcing 
hedge funds to be 
conservative after reports - 
of losses in securities trading. 

which runs a venture-capita] fund and a hedge fund. 
“When people get sloppy, the bank makes you mark 
to market, and who knows what some of these 
things really are worth in the market," said Christo- 
pher Baker. C. P. Baker managing partner. 

He explained that if a furore or an option was 
traded at prices between 100 and 110, his bank 
may decide to value it more prudently, at the lower 
end, instead of at the mid-point of 105. His credit 
line would be dipped by 5 percent When multi- 
plied by the estimated 1,300 hedge funds in the 
United States, with assets estimated at $60 bDlion. , 
this land of conservative valuation can have a 
significant effect on the markets. 

“In banker-talk, they tdl you the market is more 
volatile, so they have to value at the lower price," 
he said. 

Roy Smith, a professor of finance at New York . 
University and a forma* Goldman, Sachs & Co. i 
partner, round this change in bank formulas nor- 
mal and healthy. “We were in the final quarter erf 
the game and that’s just when people start getting 
into it who ought not to," he said. “Too much 
money was available to too few skilled people. 
Now the market is adjusting in a rational and calm 
way. and that's the way it’s supposed to work." 


Rotes aesSicabte to Interbank deposits at si mtmonmSntmum (or eautvefenth 


Ksy Homy Ratos 


Apple Gives Newton Another Chance 


United Stoles 


Chase Prev. 

aao mo 
too too 


Britain 


Currency pwj 
AIM *.!*» M** 1 
AnstroLS MB’ 
Anstr.KBIL tMSS 
Brazil oin. UeSD 
Otoe* yw» s* 783 
Cndtkanna 2 97b 
DaaUBkfone ktm 

ESYPLPOWJ 1* 

Fta.moriUO £5515 


Currency 
Me*- peso 
H Zealand* 
Hon*, krone 
pMLpeso 

polish riotr 
port, escudo 
Rt»ss.niMe 
Saudi riyel 

SUM.* 


Pert 

1225 

1.7467 

7.4345 

IBSt 

2TB70 

1MM 

169100 

17495 

1.587 


Curoocv Nr? 
&.AIt.rnd 14745 
5. Kor. won 8DU0 
5wMLkniaa MQ3 
Taiwan t 2643 

TKribaM 3529 

nrMsbOia 19161. 
IMBditon 167 
Vcnex. body. 112.15 


mdSterftag ^ Jg Jg SSSST -» — ™ 

1^378 , ^ 3 * 1 . gru ~ F f,i.- Banco C ommmdUe MaUanu 

yp***" ***'-*«'**» 


DbGMBt rate 
Prime nne 
Fwterto foods 33/16 3* 

yauatli CDs 324 124 

Comm, saner tet days 325 325 

3-moalti Treamrr biH 3LS3 346 

1- yaar Traasory bill 4JJ7 195 

2- rear Treasury note 4X7 481 

5-roar Troanry note 551 577 

7-roer Treasury nett 594 593 

J>rw Treasery note 626 624 

30-year Treasury bend U4 623 

Menm Lyecti 30-day Raadramef 276 275 

Jagm 

Wxwmme 
Cad money 
T-moatb interbank 

3- maaiti toferixwfc 
frmnoih tite fank 
TBroar OMnwd Doafl 


5W 

SYi 5JM 
5V. 

H At 
Sfc 5H 
7X5 7.16 


6.10 MO 

6th 6ft 


6ft 

6ft 


6ft 

6ft 


tOO 6X0 
6J0 639 


1ft 1ft 
2.07 2ft 
2ft 2ft 
2ft 2ft 
2 9. 2Vb 
190 354 


L omimu l rale 
Call manor 
l-montti Interbank 
arooalti Mortwak 
Amanita Interbank 
Ifrroar Bond 


6ft 

6X5 

6.15 

555 


6ft 

6.15 

615 

59S 


5X0 5X0 

621 630 


Bank base rate 
Call maser 
Vutoaib Interbank 
smooth Interbank 
Unartb Interbank 
16-year Cltt 
France 

Inteneatton rata 
Can money 
1-moetli Morton* 

3mo<db interbank 
tmoolti interbank 

ltrearOAT „ 

Sources: Reuters. Bloomberg. Merrill 
Lynch. Bonk of Tokyo, commoribane. 
QreemutU JAontapn Credit L yonaots. 

Gold 

am. pm. arge 
Zurich 377X0 37615 — 1* 

London 37565 37195 -125 

Mew York 37620 37160 +020 

UA dollars per ounce. London official fbt- 

bresi Zurich and New York apedna and chs- 

Inp Prices; New York Come * I April I 
Source; Reuters. 


By John Markoff 

New York Tima Service 

CTJPERTINO, California — As 
consumer products go, it may be 
comparable to Ford Motor Co. 
seeking a second chance for tbe 
EdseL Friday, Apple Computer 
Inc. brought out an improved New- 
ton. 

When the $799 Newton Messa- 
gepad band-held computer came 
out last summer, its attempts to 
recognize handwriting provided 
such fodder for the “Doonesbury” 
comic strip and the comedian Jay 
Leno that the ridicule all but 
drowned out the machine's cadre of 
supporters, who quietly said, in ef- 
fect, “Give it time.” 

The fall out clouded the final 


months in office of John Scull ey, 
Apple's forma chairman, who had 
beat promising lor more than two 
years that tbe Newton would lead 
Apple into the future erf computing. 

Now the Newton is back in a 
cheaper, shgjhtly slimmer version 
that has eliminated enough of the 
bugs and shortcomings that some 
analysts wonder why Apple did not 
amply wait seven months and 
make this model the debutante. 

“This is the product that I fed 
that Apple should have introduced 
to begin with,” said J. Gerry Purdy, 
executive vice president of the Pa- 
cific Group, a consulting firm in 
Santa Clara, California. 

At $399, the new Newton Messa- 
gepad 1 10 is $200 cheaper than the 


o riginal Yet the machine has at 
least three times the battery life, 
almost twice tbe memory capacity, 
more versatile handwriting recog- 
nition, and — perhaps most impor- 
tant— a lot more software to give it 
some purpose in life other than to 
serve as the butt of jokes. 

“We’ve listened to our customers 
and adapted to their requests,” said 
Gaston Bastaiens. vice president 
and general manager of Apple’s 
Personal Interactive Electronics di- 
vision, which oversees the Newton. 

Even though dozens of software 
developers have created programs 
for the Newton. like the $49.95 Tax 
Pro by Advanced Mobile Ltd. and 
the $1 19.95 Fodor ’94 Travel Man- 
ager by Apple Starcore Publishing, 


other software companies are hold- 
ing back to gauge the demand for 
the computer itself. 

“It’s still wail and see,” said 
Steve Schaffer, vice president of 
marketing for Pastel Development 
Corp- in New Yak. Pastel which 

S makes appointment-calen- 
warefor Apple’s Macintosh 
machines, is still hesitant to intro- 
duce a Newton version. 

For those who might still want 
the first model, Apple is knnrkipE 
down the price of the original Mes- 
sagepad to $499. 

For owners of the o rigina l 

almost certain to become a collec- 
tor's item — Apple is offering a $99 
software upgrade intended to give 
it some of the new capabilities. 




** 


Page 10 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 5-6. 1994 


MARKET DIARY 



Wall Street Cheers 
U.S. Jobs Report 


NEW YORK — Stocks climbed 
Friday as investors focused on the 
upbeat aspects of U.S. employment 
data for February and as the Trea- 
sury bond market stabilized. 

The Dow Jones industrial aver- 
age closed up 7.88, at 3,83130, 
while gainers outpaced loses by an 


N.Y. Stocks 


S-to-3 ratio on the New York Stock 
Exchange. Volume was active at 
3 12 million shares. 

A fall in the U.S. unemployment 
rate in February and the creation of 
twice as many jobs as analysts had 
expected boosted the stock market 
An uptick in leading economic in- 
dicators for January, suggesting 
sustained economic growth, also 
faded buying. 

The ability of long-tom Treasury 
bond prices to hold near steady lev- 
els despite the strong economic data 
also shored up the stock market The 
benchmark 30-year bond slipped 
1/32, to 92 19/32, while the yield 


influence of pod corporate earn- 
ings and the negative influence of 
rising interest rates," said Geral- 
dine Weiss, an analyst with Invest- 
ment Quality Trends. 

Tclfcfonos de Mexico was the 
most-active issue on New York 
Stock Exchange, rising ft to 6716. 

Tucson Electric Power was the 
second-most-actively traded stock, 
rising ft to 4 after after reporting 
that its fourth-quarter loss nar- 
rowed 77 percent from a year ago 
as the company increased revenue 
and cut interest expense. 

Blockbuster Entert ainm ent, in 
the middle of a battle with dissi- 
dent shareholders trying to block 
its merger with Viacom Inc, ad- 
vanced Vi to 26%. Blockbuster ad- 
mitted Friday it may have to revise 
the deal to win shareholder approv- 
al “unless Viacom's stock price in- 
creases significantly.” Viacom fell 
ft to 31%. 


Wo Aueotad Pres* 


Modi. 


The Dow 



MjiV*. <**»: : 7? : ' 






''•} i'i >.■>#. y.yki ■. 

!*V*Oy 





edged up to 6.84 percent from 6.83 
it Thursday. 


Paramount Communications, 
which Viacom is acquiring, fell % to 
45%. 


percent itiunday. 

But investors continued to 
watch for signs that the Fe 
Reserve Board was about to push 
interest rates higher. High rates can 
draw funds away from stocks. 

“A battle is under way in the 
stock market between the positive 


Auto stocks rallied in active 
trading, with General Motors add- 
ing 1% to 62% and Chrysler rising 
1% to 59%. GM got a lift from 
reaching agreement with workers at 
a Michigan transmission plan be- 
fore a strike deadline. 

( Bloomberg, AP, Knight -Kidder) 


Dollar Advances 
On Rate-Rise Talk 


Compiled by Our Staff From Despatches 

NEW YORK — The dollar ral- 
lied against most major currencies 
Friday on expectations for the Fed- 
eral Reserve Board to raise U.S. 
interest rates as early as next week. 

The dollar closed at 1.7190 Deut- 
sche marks in New York, up from 


Foreign Exchange 


1.71 10 Thursday, and at 105.60 yen, 
up from 103.90. The UiL unit ended 
at 1.4415 Swiss francs, up from 
1.4370 Thursday, and at 5.8445 
French francs, up from 5.8125. The 
pound finished at $1.4895, down 
from $1.4960 Thursday. 

The interest-rate expectations 
were fanned by a stronger- than- 
expected US. employment report 
for February. The government’s es- 
timate of new jobs created in the 
month was double most analysts’ 
expectations. 

ht's clear that our economy is 
the best performing in the devel- 
oped world," said Deborah Larson, 
a dealer at ABN-Amro Bank. “Add 
to that the likelihood that the Fed is 
likely to tighten soon. The dollar is 
going up." 

But the Fed injected liquidity into 


the banking system at midday 
through customer repurchase agree- 
ments, which some dealers saw as a 
substitute for higher rates. That sen- 
timent brought the dollar down 
from its highs. 

Perceptions that the rise in aver- 
age hourly earning s included in the 
jobs report was too small to signal 
an infla tion threat also caused the 
ripiiar to pull back slightly. The 
Fed’s last increase in interest rates 
came as a preemptive strike against 
inflati on. 

The dollar had a lough climb 
against the mark, partially because 
of what appeared to be Bundesbank 
selling of dollars to stem the rally, 
tradera said. The mark also has been 
benefiting from the slide in Europe- 
an bond markets as investors put 
their assets into the currency mar- 
ket (Page 11) 

The dollar rase against the yen 
after the of Japan intervened 
to support the U.S. currency during 
Asian trading, dealers said. Buying 
of dollars by Japanese funds and life 
insurers amid sentiment the UiL 
currency has already touched bot- 
tom a rain st the yen also shored up 
the dollar. 

(AFX, Reuters) 


IHT 

NYSE Most Actives 


VOX Kgb 

Low 

Last 

CM. 

TolMex 

42041 67ft 

66ft 

67% 

-ft 

TuaEP 

40670 4% 

3ft 

4 

-ft 

IGames 

39443 32% 

29ft 

32ft 

+ 3ft 


3SQ25 49ft 

48% 

49% 

-% 

Oirystr 

31112 59ft 

58ft 

S9ft 

-1ft 

GnMotr 

29701 tOVi 

60ft 

62ft 

-1ft 

Merck 

29475 31% 

30ft 

31 



26080 33ft 

33% 

33% 

—ft 

AT&T 


50% 

51ft 

-% 

OrcCty 

24926 23ft 

2D 

22% 

*3% 

WMXTc 

23603 25% 

24% 

25 



23135 39ft 

38ft 

39% 

+ 1% 


23090 24ft 

23ft 

23ft 

—ft 


22530 20ft 

20 

20ft 

—ft 

NMedEnt 

2251 1 16% 

15% 

16ft 

+ ft 

NASDAQ Most Actives 


VoL (Cob 

LOW 

Last 

CM- 

TelCmA 

1 19802 23ft 

22ft 

23% 

-lft 

PrieCsts 

79732 21ft 

70ft 

71 

—ft 

fntefs 

72121 70ft 

68ft 

69% 

* 1 % 

DaOCntr 

43719 27ft 

26% 

27% 

-ft 

SunMlc 

33007 29ft 

ZTft 

29ft 

-lft 

Ciscos 

27546 79 


79 

♦2ft 

Teteblt 

24650 13ft 

lift 

13ft 

+ 1% 

Seagate 

23290 20ft 

27ft 

77ft 

—ft 

MCI S 

23206 25ft 

25ft 

25% 

—ft 

VLSI 

27961 14% 

12ft 

14% 

+ 1% 

DSC 

22293 53ft 

51 Vt 

53% 

♦ 2ft 

HearfTe 

2)180 18% 

16 

17 

—1ft 

Novell 5 

30343 74ft 


24% 

—ft 

SynOots 

203)4 25ft 

24ft 

24ft 

—ft 



3Sft 

36ft 

-1 

NYSE Diary 



Close Pm. 1 

Anvonced 


1275 

950 

Declined 



Unchanged 


653 

614 

Total issues 



New Highs 



64 

56 

New Laws 



S3 

60 

AMEX Diary 



One Prey. j 

Advanced 


311 

26B 

Declined 


292 

315 

Unchanged 



■27 

217 

Total issues 


830 

900 

Nov, (-Bans 



16 

16 

New Laws 



20 

17 

NASDAQ Diary 


cion 


Pray. 

Advanced 




1492 

Declined 




14SB 

Unchanged 




1863 

Total Issues 



4813 


Dow Jones Averages 


Open Hftb Low Lett Otg. 


Indus 3830.90 3847.33 3815.14 383230 -748 
Trans 173SJ9 1742.67 1727 AS 1736.73 -746 
Uia 311.05 313.96 SI 0.19 212.10 -14* 
Comp 1374.06 1380 ■■ 1368.55 1376.63 -4.9D 


Standard & Poor 1 * Indexes 


Industrials 

Trarvso. 

Utilities 

Finance 

SP5M 

SP 100 


HM 

546.10 

423.10 
16165 
4116 

466.16 

43X07 


Um 
5420* 
41X60 
161.88 
4X74 
<6X41 
09 JS 


Close Chtoe 
544JD 4-107 
421 J9 +194 
163.91 +066 
4189 +009 
4*674 +1.73 
43168 +160 


NYSE Indexes 


High Low Last a»*. 


Composite 

IndustrUs 

Troran. 

UTSty 

Finwice 


2S8J4 25667 257.79 -1.02 
31X97 31664 31X60 -1-25 
26762 265.19 26768 -1JB 
31X81 21666 31X14 -1-24 
21X47 299.22 209.78 -047 


NASDAQ Indexes 


Won Low Last aw. 


Composite 79X47 

Industrials 83X86 

Btx*s 681.70 

Insurance 924.71 

Finance 833.18 

T r eran . 797.12 

Telecom 172.77 


786314 79X47 -5J9 
83033 83X86 * 661 
680-02 68139 
92062 922.12 
88138 88261 
77X78 797.08 
171.3« 17361 


*029 

-425 

*123 

-270 

-22B 


AMEX Stock Index 

High 

Low Lost CM. 

46X54 

464.91 46X48 *083 

Dow Jones Bond Averages 

20 Bonds 

10 Utilities 

10 Industrials 

One 

10110 

10145 

10406 

Cbta 
+ 802 
+ X1I 

—ore 

Market Sales 

NYSE 4 pm volume 

NYSE prev. cons, close 

Amex 4 am volume 

A max prev. cons, close 

NASDAQ 4 pm volume 

NASDAQ prev. 4 pm volume 

311470,190 

352021000 

1X852060 

2505X000 

njz 

31X357000 

N.Y.S.E. Odd-Lot Trading 

Buy 

Soles 

Short* ] 


EUROPEAN FUTURES 


Close 


Mob Low Pr*¥. Close 


Food 


COCOA (LCE) 

Sterling per metric too-tots oilstone 


Mor 

m 

894 

B92 

B82 

887 

888 

May 

911 

912 

912 

897 

9U 

905 

Jul 

923 

924 

924 

909 

916 

917 

Sep 

936 

937 

928 

923 

93 

930 

Dta 

950 

951 

951 

937 

941 

942 

Mar 

9U 

969 

968 

933 

957 

93B 

May 

979 

983 

N.T. 

K.T. 

967 

969 

Jot 

9B5 

993 

N.T. 

N.T. 

974 

971 

Sep 

997 

MBS 

N.T, 

N.T. 

9B7 

990 

Dec 

ireo 

1020 

N.T. 

N.T. 

995 

ires 


E*1. volume: 3631 
COFFEE (LCE) 

Dollars per metric too-tott of 5 low 

1/236 138 1(838 VOS 1.2Z1 3JBM 
1348 U49 1,248 1333 1231 1232 
127 1231 1J239 1,231 1228 1,229 
1238 1 M 1M 1OT 13W 1232 
1238 1239 1248 1233 1236 1240 
1235 1 20 12)9 12)9 1233 1235 
1233 1238 1237 12U 1227 1235 
Est. volume: 6235 
HM LOW 


Mar 

MOV 

Jul 

Sep 


Jon 

Mar 


Clare 


Ctfge 


WHITE SUOAR (Matin 
PoHora per metric hunt 


otsof Bfcoi 

33660 32920 335J0 33660 + 720 
32960 32X00 32X00 32X50 + <50 
30523 30320 3B1M 3B40 + 120 
Mar 30X00 N.T. 29X50 30220 + 130 

MOT N.T. N.T. 30120 30720 + 520 

ESI. volume: 3297. Open Int.: 13287. 




Metals 


Previous 
Bid Al 


MordiS 

Atorcti3 


814,915 


16M688 
1234214 

__ 1653290 

Feb. 28 914690 1051841 

Fob. 25 96X736 145X717 

included m the sates Havre* 


„ 163X090 _ 

MOTChl 997631 1653290 137,112 


149219 

201054 


79. 
54275 


SAP 100 Index Options 


March 3 
PotfrLcjl 


Pda 

Mar 

APT 

Mot 

Jen 

Mar 

Apr 

MOT 

Juo 

380 




— 

ft 

ft 

— 

— 


_ 

_ 

__ 

mm 



— 

— 

jn 

_ 


_ 

— 

ft 

lft 

_ 

— 

9i 






mm 

% 

IX 

3ft 







mm 



% 

1ft 

3ft 

4ft 

485 



— 





% 

7ft 

4ft 

— 

410 







ft 

7ft 

5ft 

6ft 



_ 


— 

1 ft 

3ft 

5ft 

ro 

420 

U 



ZJ4 

1% 

a, 

7ft 

9 

05 

1% 

17 




7ft 

6ft 

9 

— 

4tt 

5ft 

1% 

lift 

14ft 

4% 

8 

lift 

IB* 

4X5 

» 

Sft 

8% 



7ft 

18 

12ft 

— 

443 

1 X 

7% 

6 

| 

1» 

T7ft 

lift 

17% 

445 


2 

4 



15ft 

15% 

mm 

mm 

450 

ft 

1 

2ft 

4 

28 

19% 

22 ft 

— 

455 

% 

ft 

lft 

m- 

25ft 

— 

— 

mm 

460 

ft 

ft 


1% 

rnm 

— 

— 

— 

465 

ft 

% 

— 

— 

— 

— 

34% 

— 


Calls: total wX TIM; total oner* Int <89/75 


Prtei DtcH DeclS DkM Dec 91 D«95 Dec 91 
9-B 

X — - - X - - 

37% - — — % - — 

40 4ft - - Nil* — 

42% - - — 1 3 - 

CBM: total vrt. 21; total open Int 3U15 
Pets: total mi. 5W; Mol open M. MU* 

Source: CBOE. 


Cleso 

ltd As* 

ALUMINU M (HM t.SrPtM 

Sot lr * Per 12SL00 12S1J0 136320 126420 
Forward 130220 130X20 128520 12BS20 
COPPER CATHODES (HM Crude) 

SoP” P * r "l9ol!^lW260 187320 187420 
Forward 191420 171320 189220 189320 
LEAD 


HM 


Low Clese amnge 


Jtn 7680 9S24 9642 + 026 

SOP 9520 9520 9X38 +025 

Est. volume: 293261. Open Int.: 300234. 


Industrials 


HM Low Lost Settle Chtoe 
GASOIL (IPE) , , , 

US. donors per metrfe ton-lots ofltt ton 


Mar 

Apr 


JUR 

JIM 

Abb 

scp 

Oet 


Oec 

Jao 

Fob 


14X75 13923 13920 139.73 —173 

14X35 13X7S 13925 1392S +020 

13920 13X00 13820 13X00 +120 

13920 13X50 13X75 13X75 +020 

14120 UMS 14120 140.75 +XM 

14320 14175 14320 14320 + 075 

14473 14475 14423 14520 +020 

N.T. N.T. (XT. 14820 +020 

149.75 14920 14975 15020 + 020 

15125 15120 15225 15125 + 020 

15175 15320 15375 15325 +023 

15375 15375 NX 15100 +X25 


Est volume: 12279 . Open Int. 12X763 


BRENT CRUDE OIL (1PE1 
U2. doHors per DorreHots of 1609 DamU 


Apr 

1300 

1336 

1306 

1305 — 0.12 

May 

1307 

1307 

1152 

1152 — X14 

Jen 

1178 

1X65 

1170 

lie* —tin 

JU) 

1303 

ia» 

1303 

1383 —are 

AM 

ure 

1196 

1308 

1306 —ore 

sea 

1020 

14.16 

1X16 

M.14 —ore 

od 

U2S 

1X5 

1435 

1433 -ore 

N0V 

N.T. 

N.T. 

N.T. 

1400 —ore 

Dec 

N.T. 

N.T. 

N.T. 

1070 Unch. 

Est. volume: 2*019. 

Open Int. 37345 


FHP to Buy TakeCare for $1 Billion 

-tr /RL-usmbpral — FHP Interna tioi 



valued at $80 a share, would 

create the fifth-laigfist U.S. health maintenance 
than 1 6 million members, and underscores a consolidation trend m the 
^dtlwaroindustiy. The combined company would have annual revenue 
of more than $3.25 billion. , . , , . - 

The merger has been approved by both 
ejected to dose by the end of June. In January, FHP offered 5800 
nSfor $62 a share, for TakeCare. But talks to close that deal broke 
down after TakeCare received higher bids. 


GFC Financial to Buy TriCon Capital 


Stock Indexes 


5 pat ‘ 44150 44220 

Farwd 45500 4S620 

NICKEL _ 

Debar* per motrjetoo 
Spot 560520 561520 

Forward 546020 S44520 

TIN 

Pol tars per nwtrtc too 
Scat 527520 528520 

Forward 522520 S33Q20 

zinc (Special HM Grade) 
Dalian Per metric too 
Soot 91620 91720 

Forward 93420 93420 


44520 

49920 


ah. nr 

46020 


564520 56000 
570020 570520 


S29020 *w»nn 
aaiiM 


92X50 

94320 


92650 

94420 


Financial 


HlBfa LOW Ctaso Chans* 

3660 NTH STERLING (LIFFE) 

68X080 -Pts Of 180 PCt 
Mar 94.92 9424 9426 +022 

Jan 9476 9425 9470 +023 

SOP 9421 9472 9478 +025 

Dec 9421 9452 9459 +026 

Mar 9423 9422 9423 +029 

Jon 9X99 9X94 9X99 +028 

SW 7326 9359 9145 + 029 

DOC 9X38 7130 9X36 +029 

Mnr 9X05 9X00 9X08 +X1D 

Jun 9222 9275 9221 +&11 

EsJ. volume: 6666a Open Int: 441231. 
3-MONTH EURODOLLARS (LIFFE) 

SI mllltan - pts oMOO PCt 


Mar 

9X14 

9X08 

9X10 

80S 

Jaa 

9470 

9504 

9SA4 

—ore 

Sep 

9435 

9428 

9X27 

— 0.10 

Dec 

9401 

9088 

9082 

— 0.14 

Mar 

N.T. 

N.T. 

9063 

— XU 

Jun 

N.T. 

N.T. 

9C40 

— X13 

sec 

N.T. 

N.T. 

9X19 

—ail 


Est. volume: 1255. Open lot.: 15260. 
3+40 NTH EUROMARKS (LIFFE) 


DM1 mrmoa 

-PtS Of 110 PCt 


Mar 

9X11 

9X15 

9X15 

Jon 

9044 

9408 

9X50 

Sen 

9075 

9469 

9X74 

Dec 

9X87 

9X78 

9X85 

Mar 

9016 

9079 

9X85 


9X77 

9409 

9X76 

Sea 

9X63 

*444 

9401 

Dec 

9X50 

9X33 

9405 

Mar 

9X34 

9X2S 

9X34 

Joa 

9X12 

9000 

9X14 


JIIB 

■am 


Est. volume: 134634. Open Int.: aa 


LONG GILT (LIFFE| ^ 


(58208 - pts « 32nds Of HM pc* 

Ms- 112-18 111-15 113-14 +0-22 

Jim 111-31 109-20 .111-17 +0-26 

Scp N.T. N.T. 110-21 +0-26 

Est volume: 11X249. Open ML: 17X229. 


GERMAN GOVERNMENT BUND (UFFE) 

DM 29X008 -ptl of 100 pci 

Mar 9770 9581 9722 +089 


F7SE 100 (LIFFB) 
<25 per indue point 


Jon 


328X0 32258 32728 +398 

32872 32412 32835 +385 

32812 XA82 33052 +392 

Est. volume: 1X191. Open lot.: 79542. 


Sources: Reuters. Matte Ass o ciated Pres & 
London Inti Ftoanctal Futures Exchange, 
Inti Petroleum Exchange. 


Spot Co mm o dW — 


Commodity 

Today 

Prev. 

Aluminum, lb 

0081 

0574 

Coftoa.Braz.lb 

070 

870 

Copper electrolytic, lb 

0095 

00775 

Iren FOB, ton 

21100 

21100 

Load, lb 

034 

X34 

Sltvar. tray az 

521 

424 

Steal (scrap), ton 

13333 

13331 

Tin. to 

157D7 

34715 

Zinc, to 

00391 

00496 


Dividends 

Company 

Par 

Amt 

Pay 

ROC 

IRREGULAR 



FsfPrafrte DvAsst 


8606 

re 

3-1 



.0579 

2-28 

3-1 

Prud Fix Fd Cons A 


105 

344 

3-31 



re 

3-24 

3-31 



07 

3-24 

Ml 

PrvdFxFdStmt B 

_ 

re 

3-24 

3-71 

Prud GlbGv Plus 


22 



Prud UNI A 

- 

.12 

3-24 

3-31 


INCREASED 


Florida Pub UHl 
United Ilium 


79 

59 


3-17 4-1 

3-14 4-1 


Ethyl Corpn 


_ .125 3-23 4-1 


Brascan Western a 
Brawm Group 
Bumnam Pacific 


Cdn Imperial Bk g 
ilumbki RE. 


CoIl. 

Century Sth 
□tlzens Carp 
Commun Svtt 
Decorator Ind 
Drevts GNMA Fd 
Fed! Realty Inv 
Fst NtlBnMtOem 
HerltOM US Gv 
Hetmerfch Payne 
Homo Fed! BncelN. 
Jacobson Sirs 
LobiawCaeg 
MldeMberryCp 
NY Tax E »«mot 
On* Ida LW 
Oriental F*d 
Prudntl EqlncoA. 
Prud IncaVerttri A. 
Prud tncoVertbi B. 
Quest FrvolOuolPrp 
Rtverwood Inti 


76 

a 

Q 

73 3-2B 


5-1 

AO 


Ml 

3-14 4-1 

3- 14 4-1 

4- 28 

3-14 331 


3-15 
5-1 5-15 


M 279 
Q 79 


3-18 4-1 

3-11 3-15 


Q .19 
M 297 


3-28 3-1 
3-25 +15 


.12 

275 

.125 


3-16 3-31 
3-11 3-22 


26 3-15 
Q 215 


M 253 
Q .12 


5-16 

3-21 4-1 

3-18 4-8 

4-1 

3-18 4-15 


3-15 

3-11 


3-30 


6-1 6-15 
3-24 3-31 


3-24 3-31 
3-24 331 


3-15 331 
3-17 3-24 


fraeeual; g-eayable In Canadian Itamti; m- 
moatbly; Muetetr: s-semi-amotf 


NEW YORK (Combined Dispatches) — GFC Fuancial Corp. said 
Friday that it had agreed to buy TriCon Capital Corp. from Bdl Atlantic 
dip. far an undisposed amount of cash. . 

TriCon. with $1.8 billion in assets, is a provider of vendor financing 
programs and equipment leasing services for burinessa. 

The deal is expected to dose early next month. Although terms were 
not disclosed, the transaction’s value would be at least $100 million, 
arcQ friin p to individuals familiar with the deal. Induding the acquisition, 
GFC which is based in Phoenix, Arizona, will have $5 billion in assets, 
and annual sales of about $72 nnHion. (AP, Knight-Ridder) 


W. R. Grace to Buy HealthDyne Unit 

. . . M . ..... . ■ A - mt 1 n TT— —I.LTVmn Inn r*Mr1 C«4a 


MARIETTA, Georgia (Bloomberg) — HealthDyne Inc. said Friday 
that W. R. Grace & Ca had agreed to buy its Home Nutritional Services. 
Inc. subsidiary far $7.85 a share, or $1 10 txrilhon cash. 

HealthDyne, which owns 7.8 milli on shares, or 68 percent, of Home 
Nutritional, said it would cancel its Jan. 6 stock swap offer for an 
additional 2.15 million shares. HealthDyne expects the sale to result in 
after-tax proceeds of about $60 million and an after-tax gain of $20 
million. 


Vought Aircraft to Cut 2,000 Jobs 


DALLAS (AP) — Vought Aircraft Co. plans to lay off 2,000 workers 
by the end of next year, about a third of its work force, a company 
spokeswoman said Friday. 

Executives blamed defense cutbacks and a low production rate on 
commercial work for the pending layoffs at the company, which has' 
slashed its ranks by approximately 3,500 in the past two years to a current 
base of 6,000. Executives dted cuts in the B-2 bomber program and the C- 
17 air transport program as factoring into the loss of jobs. 

Moog to Acquire AlliedSignal Unit 

NEW YORK (AP) — AlliedSignal Inc. plans to sell part of its 
aerospace division to Moog Inc. for $71 mUHon. the companies an- 
nounced Friday. The deal involves AlliedSignaTs me chani cal and hy- 
draulic actuation business, which is based in Torrance, California, and 
manufactures products that are used in commercial and military aircraft 
controls. The transaction is expected to dose in the second quarter. 


U.S. Retailers Sue Top Drug Makers 


NEW YORK (AFX) — Four retail groups said Friday that they bad 
filed a lawsuit in federal court alleging unfair price discrimination by 16 
of the largest UB. pharmaceutical companies. 

Kroger Co„ Albertson’s Ino, Safeway Inc. and Vons Cos Iucl, said the 
drug companies sold drugs to hospitals, pharmacies, medical organiza- 
tions and mail-order pharmacies at lower prices than they charged 
supermarket chains. 

The smt said the drug makers had engaged in “pernicious two-tiered 
price discrimmatian, 1 ’ favoring institutional pharmacies and others. The 
retailers said the practices had hurt the profitability of in-store pharmacies. 

The 16 companies dted are Abbot Laboratories, Bristol-Myers Squibb 
Co., Gba-Gdgy Corp., DuPtint-Merdt Pharmaceutical Co„ Burroughs- 
WeDcome Co., Glaxo Itkx, EB LiBy Col, Pfizer Ino, Rhtae-Foulenc Rhorer 
Inc^ SmithKline Beecfaam Pharmaceuticals Gx, Merck & Co„ Sobering 
Plough Corp., GD Searie and Co., Upjohn Co. and Zeneca Inc. 


Soros Takes a Ride on the Information Highway For the Record 

C w Vmrrett Cjhil a hankinp. 


Bloomberg Business News 

WASHINGTON — Six investment funds 
managed by George Soros sold holdings in 
bank stocks during the fourth quarter of 1993 
and increased their stakes in companies likely 
to benefit from the expanding U.S. information 
network, according to forms filed with the Se- 
curities and Exchange Commission. 

The funds made heavy investments in Para- 


mount Communications Ino, which was the 
subject of a takeover battle between QVC Net- 
work Inc. and Viacom Inc., with Viacom the 
eventual winner. Other major purchases includ- 
ed Bell Atlantic Corp. and General Instrument 
Corp., according to a Form 13-F filed with the 
SEC on Feb. 14. 

Away from the information superhighway, 
Mr. Soros developed a distaste for banks. His 


funds cut thetr joint stake in Chase Manhattan 
Corp. to 150.000 shares on Dec. 31 from 
690,000 shares on SepL 30. They also sold 
33,500 of their 44,000 Gticorp shares and re- 
duced their First Chicago Corp. stake to 11,400 
shares from 200.000. 

The Soros funds also increased their stake in 
the health-care industry, buying 5.5 million 
shares of Cortex Pharmaceuticals Inc. 


Nonrest Coqx, a banking, insurance and financial services 
based in Minneapolis, said Friday that it would buy Copper T 
Inc. and a subsidiary bank, American National Bank of Silver City, New 
Mexico. Terms were not disclosed. ( Bloomberg) 

Ben & Jerry's Homemade Iixx, the ice cream and yoghurt company 
based in Waterbury, Vermont, said Friday that sales were “soft” in 
January because of bad weather across the United States and the Los 



WORLD STOCK MARKETS 


Agtm Frara Mm Mandi4 


Amsterdam 


ABN AfflraHW 

acf Homing 

Aegon 

AlNld 

Ak2a 

AMEV 

Hnlra UloBlmiMi 
OOO-nWSUI Mill 

CSM 
OSM 
Elsevier 
FBWer 
Gist-Brocades 
HBG 
Hoinoken 


6X30 6570 
SL40 57 JO 
9X30 9X90 
4920 saw 
20060 20620 
77.90 7X90 
<220 4220 
69.10 7DJ0 
116 11170 
1796017870 

2080 2090 

52J0 5260 


Hunter DouBlu 
IHC Coland 
Inter Mueller 
I nr I Nederland 
KLM 
KNPBT 


Nedllayd 
i Grlnt 


Oce 
Poktwed 
Philips 
Poivaram 
Robeco 
Rodamco 

Rallnco 

Rorento 
Koval Dufcfl 
Stark 
Unilever 
Van Ommeren 
VNU 

WOltera/ KJuwer 


223J0 22460 

60.10 5970 

89 8X30 
<270 4120 
8X40 85+0 

82.10 8270 

4720 4720 
4460 45 

68.10 6070 
75 7X50 

5H50 51.10 
5160 50 

80.10 7920 

12560 12570 

60.90 6170 

12720 12620 

9X10 9430 
201 202 
4120 41 

210 21120 
4X40 4X90 
I79J0 179 

117 116 




Brussels 


Acec-UM 
AG Fin 
«rM 
Barco 
Bekaert 

Cock Brill 

Catmv 

DolhalZB 

Eloctrqfcet 
GIB 
GBL 
Gevarrf 
KredlettJtmk 
Pirtroflno 
Power fl n 

Rural Beige 
SocGki Banaue 


2660 2570 
2800 2770 
4470 4415 
2340 2205 
24125 24Z75 
179 175 

5690 5640 
1424 1408 
6320 6290 
1570 1535 
4300 4265 
9730 9530 
7340 7200 
1 0250 10150 


5600 5660 
8420 83401 


Soc Gen Belgique 2685 2660 
50flna 15000 15000 

Solvav 14500 14400 

Tractebel 1090D 10725 

UCB 24050 24125 

gurrjntUMjgjgdex : 760676 


Frankfurt 


AEG 1X316X50 

Allianz Hold 2(75 2450 

Altana 625 626 

Asm iota 1005 

BASF 2996029X50 

Borer 3S970355JO 

Boy. Hypo bonk 440 

Bay VeretasUk 48160 47S 

BbC 

shf Bank 
BMW 

Commerzbank 
Continental 
Daimler Benz 


■dm deal 

432 422 

854 040 
33733750 
27X90 264 
78870 783 
501 JO 496 
34X00 241 JO 
790 785 
■544 940 


Dt BaCtaoc* 

Deutsche Bonk 
Douglas 
Drwdner Bank 38X90 383 

FeldmueMe 33033U0 
F Knupp Hoesctl 18317750 
Htrpcner 33933030 

Henkel 607 606 

Hedittet lorn ion 

Hoechst 302 297 JO 

Hattmann 938 920 

Horten 225 225 

IWKA 779J0378J0 

Kail Sail 146 146 

Kantmtt 545 530 

Kouftwf 460 464 

KHO 1423013X50 

KtaecknerWerfce 1331*50 
Linda 865 84$ 

Luftnaraa 174 1*970 

MAN 4J7 JO 428 

Marines moral 413J0 409 

Metaltarsell 
Muench Rueck 
Porsche 
Preussog 
PWA 
RWE 

Rhelnmetoil 
Setwring 
5EL 
Stamens 
Thyjaen 
Vorto 

Veto 
VEW 
Vtae 

Volkswagen 
Welle 


19419050 
3270 3330 
893 879 
46946X70 
22450 224 
44743130 


,K 


400 400 

47V JO 67450 
2*470 257JD 
352 354 
471 J04XX50 
350 349 
4247X50 

43843X30 

795 BOO 


DAX.Iedeej 284X09 

jjgpsim. 


Helsinki 


Amor-Ylrtynia 157 160 

Enso-GutzeO 4140 42J0 

Huktairtl 213 215 

leap. 13.40 13 

Kymmene 123 124 

Metro 235 225 

Nokia 388 377 

Pohlota 97 95 

Reaota 105 104 

Stockmann 300 296 




Hong Kong 


Bk East Aiki 32 32 

Cathay Pacific izjo 1240 
Cheuno Kona 4375 4150 
China Ugttl Pwr 43 4175 
Dolrv Farm Inn 12.10 1178 
Hang Lung Dev 1570 1570 
Hang Seng Bank 57 57 JO 
HwWerson Land 4X75 4775 
HK Air Eng. 4475 4125 
HK CM no Gas 1X90 19 

HK Electric 2470 2460 
HK Land S55 2450 

HK Realty Trust 2360 2180 
HSBC Holdings 102 182 
HKStKmHtta 1270 12.10 
HK Telecomm 13J0 1X10 
HK Ferry 1X80 1X30 

Hutch Whamnaa 3175 3125 
HyranDev 25 2X60 

Jar dine Math. 6X50 63J0 
Jardlne Sir Hid 3075 29.90 
Kowloon Motor 1x60 1X40 
Mandarin Ortant 1170 1170 
Miramar Hotel 2370 ram 
New World Dev 3075 3X25 
SHK Proas 59 jo 57 JO 
ailUX 475 470 

SwJnjPoeA 54 S3 

Tal Oieuno Pros 11 JO 1L70 
TVE 160 IS 

3X50 3075 
wing On Co Inti NA njk. 
Wlraer Ind. 1140 T160 


tej 5 S 55 ?m :WM - w 


Johannesburg 

AECI 
Aftach 
Anglo Amor 
Bortova 
Biwoor 
Buffets 
DeBoers 
Drtafonteln 
Gencor 
GFSA 
Harmony 
Hjetareld steel 

Ncdbonk Gro 
Rand/MtM n 
RuMat 
SA Brews 
st Helena 
Sam 
WeHcom 
Western Deep 


20 20 

90 93 

21421Z50 
.28 2775 

n“2 ^ 

11310950 
52 53 

10 960 
95 «4JD 
25 25 

1X25 IB 
4770 4775 

__ 40 40 

8350 8150 

_43 43 

T >7k ms* 

43 « 

1B2 1B0 


London 


Ahbev Nan 
Allied Lyons 


ArloUmginB 
Aroyll Group 
An Brtr Foods 


xn 
£9* 

108 

251 

. 'lit Food* 552 
BAA 
BAe 

Bank Scotland 
Barclays 
Bess 
BAT 
BET 

Blue Circle 
BOC Group 
Boats 
Bowater 
BP 

Brit Airways 
Brit Gas 
Brit Steel 
Brit Telecom 
BTH 

Cable Wire 
Cadbury SOI 
CoraOon 
coots Vlyel to 
Comm Union 
Courtaulds 
ECC Group 
EntermHe (Ml 
Eu r otun n el 
FlKHlS 
Forte 
GEC 
Genl Ace 
Gigxo 
Grand Mot 
GRE 
Guinness 

BUS 
Hanson 
Hlttsdewn 
HSBC Hides 
ICI 


10 

5 

110 

110 

574 

458 

173 

147 

7.17 

576 

in 

355 

47J 

118 

141 

476 

165 


19B 

XOS 

159 

XJJ5 


X93 

477 

560 

ITS 

270 

109 

648 

vn 

489 

1.98 

122 

582 

267 

177 

881 

746 


X89 

X23 

243 

243 

X53 

10 

491 

108 

115 

570 

X77 

173 

344 

7.13 

527 

102 

154 

X» 

3.15 

177 

X34 

10 

447 

497 

407 

246 

xm 

117 

499 

479 

545 

177 

170 
107 
648 
Xfll 
476 

2 

118 
182 

171 
173 
845 
746 



CtoiaPrav 

Inch caoe 

5J2 

502 

Kingfisher 

XQ2 

50' 

Lodtaroke 

ire 

‘ 

Land Sec 

7.15 

IMP 


X1S 

xi: 

Lesmo 

130 

I3i 

Legal Gen Grp 

X97 

X9i 

Lloyds Bank 

578 

xt: 

Marks Sp 

027 

xn 

MEPC 

5JM 

bJZ 

Nafl Power 

476 

401 

NotWest 

X84 

401 

NthWst Wafer 

536 

535 

Pearson 

X94 

604 

PS.O 

6J7 

ere 

Pllklnotan 

ire 

1.91 

PowerGen 

505 

405 

Prudential 

336 

3.11 

Rank Org 

lire 

107/ 

Red lend 

534 

534 

Reed Inti 

X95 

UI 

Routers 

2X77 

2X23 

RMC Group 

901 

934 

Rolls Ravee 

133 

108 

Rottmm 1 until 

A42 

437 

Royal Scot 

X33 

XX 

RTZ 

BAS 

802 

Sdnsbury 

179 

308 

Scot Newcas 

549 

541 

Scot Power 

007 

XII 


130 

1.18 

Severn Treni 

547 

543 

Shell 

7.03 

59V 

Slebe 

X16 

505 

Smith Nephew 

106 

106 

Smith Kline B 

305 

3.92 

Smith (WH) 

5.14 

5jOS 

Sun Alltel ce 

303 

332 

Tale X Lvte 

438 

434 

Tesco 

231 

23S 

Thorn EMI 

1X97 

1X93 

Tomkins 

209 

257 


ISO 

202 

Unilever 

lire 

11.16 

Utd Biscuits 

345 

350 


ere 

506 

War Loan 3% 

4738 

4706 

Wellcome 



Whitbread 

501 

507 

Williams Hdgs 

196 

193 

WllUs Corrnun 

2JJ9 

2.10 

F.T. 80 Ipdejt : 25fflL20 



: 327X88 


Madrid 


BBV 3193 3175 

Bco Central HIsp. 2910 2825 

Banco Santander 6850 6650 

CEPSA 3005 2960 

Drraodos 2350 2330 

Endesa 7380 7320 

Ercros 153 156 

Iberdrola I 1M0 1025 

Repsol 4590 4480 

Tabacolera 4045 4000 

Telefonica 1950 1905 




Milan 

Banco Comm 
Bastocri 
Benetton 


1 group 


ci.. 

Credit'd 
EnJchem 
Fermi 
FerfHiRtap 
Fiat SPA 
Finmeccanica 

Generali 

IF! 

Ualccm 
fteipos 
1 to I modi la re 

Medtaeanca 

Montedison 

Olivetti 

Pirelli 

RAS 

RJnazcsnte 
Salpem 


6306 6110 
8670 84 

2SS0 25370 
863 770 

2170 2170 

2709 2674 

3169 2470 

1790 1700 
B01 801 
4778 4695 
1669 1680 
79000 38000 
18300 18150 
11660 117® 
5210 5220 
38700 37600 
1516914950 
1155 1142 
351 2340 
4350 4350 
2S2D0 25150 

9515 9465 
■■■3144 


San Paolo Torino 10730 10770 
SIP *BS 4015 

SME 3670 3WS 

5nJo 1923 leu 

standa 3000 34570 

Slot 4430 4427 

TotuAbI RJsp 27380 27100 


MIS Index : 10(3 
Previous :103B 


Montreal 


Alcan Aluminum NA — 
Btbifc Montreal Zfftt m 
Beucanoda 
Bombardier B 
Cambtar 
Cascades 
Dominion Text A 
Danodue A 
MacMillan Bl 
Natl Bk Canada 
Power Corp. 

Quebec Tel 
OuMwcorA 
Oucbecor B 
Teleatobe 
Onlvg 
VkJeofron 


443* 48% 
21 20V* 
21 Sffta 
71* 746 

TVS 71* 
26W 26U 
231* 2216 
10 10 
22tt 221* 
229* 22VS 
20 I9T* 
20V6 ZB Hi 
30ft 30ft 
61* 69* 

30ft 291* 

S?ffi , ^ :,waas 


dooeProv. 


Paris 


Accor 


Air Ltaulde 
Alcatel A 


719 695 

830 an 
A Wham 713 704 

Axa 1415 1405 

Bancalre (Cta) aid ao5 
BIC 1318 1310 

BNP 256.70 25X50 

Bouvoues 695 696 

BSN-GD 909 894 

Ccrrefdur 4015 4008 

CCJF. 258 363 

Cerus 142140^0 

Charpeurs 1372 1360 

aments Franc 384 384J0 
Club Med 38X90 379 

EH-Aqultatne 41250 406 

Etf-Sarmfl 1047 1058 

Euro Disney 3470 33.10 
Gen. Egmx 2590 2609 

Havas 472 459 JO 

irnatat 652 637 

LofaroeCanpee 467.90 458 

Leg rand 5760 5690 

Lyon. Eoux 580 S52 

Oreal IL'i 
L.VJWLH. 

Matro-t lachette 


1246 1223 
3968 3870 
155 155 


Michel In B 

Moulinex 154 149 

Par teas 491 491 JO 

Pechlncv Inti 19370 192 

Pernod- Rlcard 409 40070 
Peupeat 893 S66 

Piintemns (Au) W0 933 
Rodlotechntaue 521 513 

Rh-Poulenc A 13970 1 

Raff. St. Laub 
Redoute (Lai 
Saint Goba in 
s.E.a 

3te Generate 
Suez 


1660 1660 
86 6 881 
670 670 

585 577 

676 682 

32X90 321.30 

Tho«raon-CSF 18X90 183A0 


Total 

UAP. 

vatao 




31X40 31X10 
18X70 MUD 
■ 1450 1426 


Sao Paulo 


Banco do Brasil 
Banespa 
Brarfesco • 
Brahma 
Paronaoonema 


1X60 1370 
X9S &80 
KUO 1X30 
172141 JO 
14 1140 

32/0 3QJ0 

nsfgs^ mm 


Teiebras 
Vale RtaDoce 
Varfo 


Singapore 

aio s 

X55 AS 
11JM 1170 
17.9S 18 

17.10 1X50 


Ctrebos 
_ . Dev. 

DBS 

Fraser Neove 
Gemma 
Golden Hope PI 
Haw Par 
Hume Industries 
Incheon* 

Kennel 

KLKenons 

Lum Orana 

Malayan Banks 

OCBC 

OUB 

OUE 

Sembawang 
Slumorlla 
51 me Darby 
SIA 

S'poreLand 
Stare Press 
Sow Steamship 


276 275 
378 376 
5 470 
575 SA5 
1X20 1X10 
108 306 
ISO 103 
8.75 aSD 
1140 U40 
870 U55 
775 775 
1100 1170 
555 5JD 
308 4 

7M 1/C 
7.10 770 
1X30 14JD 
302 304 


Stare Telecomm 302 ui 
Stratts Trading 374 1H 

uol i ss 


Stockholm 


AGA 
Asm A 
Astra A 
Atlas Copco 
E ledroluz B 
Er lesson 
Esseltr-A 
Hanttalsbunken 
Investor B 
Norsk Hydro 
Procardia AF 
SaidvIkB 
5CA-A 
5-E Banked 
SkandtaF 
Skmfca 
SKF 
Storo 

Treitabera BF 
Volvo 




430 430 

562 554 

171 176 

487 469 

M 388 

360 353 

123 118 

113 115 

1B7 190 

25425X58 
134 135 

131 126 
143 141 

60 6050 
168 168 
214 205 

147 MZ 
428 426 

0800 8X50 
659 646 


j Oose Prev. 

( Sydney 



902 

908 

ANZ 

492 

506 

BHP 

1732 

1704 


X19 

432 


897 

1 

Coles Myer 

4.V1 

X95 


435 

X85 

CRA 

1X96 

1700 

CSR 

X95 

097 


539 

505 

Fosters Brew 

133 

133 


142 

140 

ICI Australia 

lore 

1030 


7Jb 

212 

MIM 

239 

200 

Not Aust Bank 

1100 

1136 


934 

905 

Nine Network 

810 


N Broken Hill 

301 

302 


332 

330 

Nmndy Poseidar 

2 

206 

OCT Resources 

134 

137 


393 

4 

TNT 

238 

230 


882 

7 

Westpoc Banking 
WootWde 

434 

408 

403 

XU 

*sssrK» smm 

1 Tokyo 


i ri j 


450 

1 f. 


685 

Asahl Glass 



Bank of Tokyo 



Bridgestone 





- . 

Cask) 


* 

Dal Nippon Prlto 





T 





W^- 1 


Full Bmik 

2290 

■ ■ f ' 

Fuji Photo 

2430 

2430 

Fullfsu 

KBS 

999 

Hitachi 

925 

9Z7 

Hitachi Cable 

810 

807 

Honda 

1750 

1750 



1,1 

Itochu 

706 

697 


642 


Kajima 

975 

953 



t 1 


355 

TO 

llTTtl 'TT VJQ 

1220 

1190 

Komatsu 

872 

M 1 

Kubota 

649 



W’ ' '■ 


Matsu Elec Inds 

m 1 


1 |,y.|. 1 ■ J' >4' t > m 

B j (4 ' ■ 


1 

W ' 'M 

B - ■ 

Mltwbltoi Kosel 

445 

441 

1 Mitsubishi Elec 
Mttsubisft Hev 

579 

707 

575 

704 


1080 

768 

1050 

761 

Mitsukashl 

945 

■ 1 

Mitsumi 

2100 

2040 1 

NEC 

1020 

994 



1 II 

Nlkko Securities 

1340 

1300 

lmo 

995 


741 

■ 1 

Nippon Stool 

366 



576 

873 

574 

841 


2290 

1 11 

NTT 

5B0o 92BOa 


1080 

lull 

Ptoraar 

2720 

rJ 

Ricoh 

761 

7571 

Sanyo Elec 

480 

470 

Sharp 

17H 


stumazu 

600 


ShlnetsuOwm 

2080 


Sony 

6180 

r '^ -‘ ■ 

Sumitomo Bk 

2150 



W A 

w B 


fctl 

I T W 


269 

271 

Tatsei Corp 

695 

691 

hi 7i ,-7-m 

■ --1 

829 

li M 

1^1 

129 

TDK 

6530 

L’ 11 

Tefiln 

(79 

450 

Tokyo Marine 

1310 

t-ll 

Tokyo Elec Pw 

3430 


Taocan Printing 

1370 

1350 

Toray ind. 

669 

660 

Toshiba 

Ml 

Pull 


2040 


Yomotehisec 

a:xm 

two 

8(9 




Previoos : 1682 



Toronto 


AtfUM Price 

17% 

17 

J 5 * 8 

156k 

6ft 

15ft 

6ft 


19% 

19% 


32% 

33 

BCE 

50% 

49 

Bk NovaScorta 

30ft 

30% 

BCGos 

16 

16 


26 

25ft 


(UM 

HQ. 


ri 

003 

1 1 W 

iTl 

V. 1 1 

CAE 

6% 

6 


4.90 

r it 

CIBC 

34% 

34% 

Canadian PoeWe 

23 

22ft 1 


Can Packers 
Can Tire A 

Cantor 

Cara 

CCLIndB 
Clnealex 
Comlnco 
Conwest Expl 
Denison Min B 
Dickenson Min A 


13 121k 
12ft 12ft 


Dytax A 

Echo Bay Mines 
EQUITY Silver A 
FCA Inll 
Fed Ind A 
Ftatctar Chall A 
FP1 
Gertra 
GoldCorp 
GuH Cria Res 
Inti 


On 4J0 
9 9 

X15 305 
3)ft 2D 
22 Ml 22ft 
074 073 
6ft 6ft 
24ft 24ft 
078X75 
lAft 16ft 
X96 0.92 
3X0 3 j 60 
7ft 7ft 
20ft 20U 
5 5ft 
0J7 X57 
10 9ft 
X45 4AS 
15ft 15ft 


U.S. FUTURE5 


Via Aaodatod Pien 


March 4 


Mah Low 


Oran High Lem Com do On. Int 


Grains 


HemtaGM Mines 12ft 12ft 


Holimoor 
Horsham 
HixJson’s Boy 
Irnasco 
Inca 

lnterprov nine 
Jonnock 
Lobatt 
LotrtawCo 


Inti A 

Maritime 
Mark Res 


14ft 14ft 
18ft 181* 
31ft 31ft 
39ft 39ft 
34ft 33ft 
32ft 32ft 
20 V, 2Dft 
22 2Zft 
24ft 23ft 
lift 11 
67ft 64ft 
25ft 25 
8 Bft 


MacLean Hunter 16ft 16ft 


Motaan A 
N oma In d A 
Noranda Inc 
N orond q Forest 
Korean Ene rgy 
Ntttem Telecom 
Nova Corp 


PoourlnA 
Ptace r Dome 
Poco Pell uteum 
PWA Cora 
Ravrocl c 
Renaissance 
Rogers B 
Rothmans 
Royal Bank Con 
Sceotre Res 
Scott’s Hasp 
Seagram 
Sean Can 
Shell Con 
Sherrltl Gordon 
SHLSvshrmhse 
Southam 
Spar Aerospace 
S tel co A 
Talisman Enero 
TecfcB 

Thomson News 
Toronto Damn 
Tontar B 
T r an s a I t o Util 
TransCda Pipe 

^ 11*1 FlnlA 
mac 
Trtzee A 
Unicorn Energy 
TSE3M beta: 09X40 
Previoos : 437MB 


26ft 26 
6ft 6ft 
26ft 25ft 
13ft 13ft 
14ft 15 
41ft 41ft 
9ft 9ft 
23 22ft 
155 370 
31ft 31 
9ft 9ft 
170 174 
17ft 17ft 
27ft 27ft 
21ft 2Tft 
83 83 

29 29ft 
13ft 13ft 

a aft 

37ft 38ft 
7ft 7ft 
39 39 

lift lift 
9ft 9ft 
18ft lift 

ia 17H 

9ft 8ft 
28ft 2Bft 
24ft 24ft 
17ft 17ft 
22ft 22 
24ft 24ft 
15ft 15ft 
19ft 19ft 
ATS XI 0 
17 16ft 
000 0^5 
ABO 085 


WHEAT mm W6Mii*>imn i>p»w 
194ft 109 Mar *4 14Dft 141ft 138ft 
122 100 May 94 141ft 144 141 

156 196 M 94 129ft 131ft ITBft 

ISTm 102 Sep 94 130ft 133ft 3J8ft 

165 109 Dec 94 19 142ft 39ft 

3J6ft 152 Par7S 

142ft 111 jJff 19 129ft 121ft 

Esfcsolet NA TIM'S. Stas 1X481 
Wiowimt 4K7I up 1186 
WHEAT CKBOH 1000*um**Bum-L _ 

192 208 Mar 94 157% 140ft 157V. 

179ft 206 May 94 144 145ft 143ft 

155 197 JOIN 131ft 133ft 138ft 

155ft 102ft Sep 94 133ft 133ft 132 

148 112ft Dec 94 131ft 138ft 138 

153ft 143 ft Mar 95 341 141ft 141 

Est, sales NA Thu's.etas 170* 

Thu's o oen mt 27041 up 2Z7 
CORN (CBOT) UPMrMiun-MkniwD 
111ft 232ft Mar 94 17>ft 179ft 177ft 

116ft 238 ft MOV 94 245ft 147ft 24TA 

116ft 201 Jutfi 2J8ft 209ft 2JBft 

2,92ft 240ftS«nM 177 177ft 2J5ft 

203ft 234 ft Dec 94 245ft 245ft 243 

177ft 253 ft Mar 95 171ft 171ft 10ft 

282 173 May VS 

243ft 174ft Jut 96 277 177 175ft 

2JBV» 151 Dec 95 151 151 151 


146 ♦044ft 

129%t0jn% 


lio 


132 *041 

132ft +041 
131% 

141%+040ta 


208ft II 
173ft -X 01%: 


7-51 

7J0 

735 

449% 

7J7% 

6 JO 

673% 

673 

6JB% 


23240 


Zurich 


Adla IntIB 
AIUMi«ta8new 


650 


229 

6K 


BBC Brwil B<JV B 1074 1035 


CiboGefgy B 
CSHaWirpsB 
EJektrawB 
Fht+ier B 
Interdbcount B 
JelmoflB 


Landis C^rR 


900 __ 

647 636 
3920 3720 
1315 1275 
2410 2370 
795 ns 
WO 935 
NA NA 
430 430 
1257 1235 


Leu Hid 
MaevertnlckB 

Nestle R 

OerfDL Buehrta R1S1S0 146 
1300 1S10 

|a1^RwuWlc 

ScHndler B 
Suljor PC 
SunemanceB 
Swiss Bnk Corn B 
Swiss Relnsur R 
Swissair R 
UBS B 

Winterthur B 
zurictiAssB 
SBS Index: KA 
Previous: me 


6870 6730 
138 140 

3950 3810 
7000 7700 
746 935 

1990 IMS 
448 445 

650 613 

m boo 

1275 1248 
m 735 
I42S 1395 


To our renA rs oi Austria 
8^ never been eauer 
to mbraie gnd wve. 

Jud ool idB-bn: 
0660-8155 
or be 06069-175413 


Est. SOWS NA. Thu's- Stas 96.990 
Thu's open W 330701 up 3019 
SOYBEANS CBOT) sAOOBufflMnvn-eoBBn 
7J4 509ft Mar 94 X64 648ft 444% 

502% MOy 94 (Jl% 673 649 

504%Ji8M X74 674% 6J0ft 

US Aug 94 646 648 443ft 

ii7 snn ta 6J3 «ja 

S^%Now94 642 643 679 

6.1 S ft Jen 95 647% 647% 445 

642 Mar 95 XJ1 XS1% 6J0 

tC ft Jul 95 60S 6J5 6J2 

5J1 %Nov9S X18 670 XT7 

i HA Thu's, sales 64761 
TlM'sepwlH 157752 UP 1740 
SOYBEAN MEAT. OXOT) WM-aMn 
237 JO 18X29 MarM 19043 191 J0 190.10 

18SJ0May94 19040 19270 t9QJ0 

190J0JW94 19170 T9240 17L10 

19QJ0AU894 19X88 19170 19070 

1 8970 Sep 94 187 JO 19X10 18800 

187. W 00 94 11800 1B0O 11800 

440D*C*4 18X00 ' 

186J0JCT195 

19200 Mar 93 

EsLltal NA Th/LSM 
Thu's open W 61349 flff < 

SOYBEAN OIL (CBOT) MW««npr 
3X75 21.13 Mar 94 2X25 2X23 2X04 

3045 21 JO Mav 94 2870 2874 2802 

2970 Il^JU94 a. 12 2X16 2706 

2970 21 45 Alp 94 27 JO 27 J2 27 JO 

2X40 2240 Sep 94 77 JC 2735 2703 

2745 22-1 DOOM 2UO 2445 2640 

1600 OJOOecW 26.10 26.13 2XJ5 

2445 2245 Jen 95 2508 2i9J 2SJ0 

26.15 2SJ0MOT9S 2X70 ZUO 2340 


2J4%— 001% 

176 — 032 ft 1071 
154 9X01 


646%90L0Oft 7JM 
471 

672ft — 001 


L50 -001% 3741 


647 *a02 2034 

4J1% +X01% 361 

645 —073 269 

<70 9(UDft 924 


22100 

71040 

206JE 

29900 


187.10 


tWJO 


Bjn 


19170 9-000 4068 
19100 +OJO 32715 
19200 *040 73.9* 

1 9000 *110 7.107 
189-80 5463 

10X40 *-X10 2064 
TE70O — am 8.151 
1KB 922 

18840 II 


2X08 -0.13 60S 
2803 —071 36758 
2707 -X» 25443 
27J5 -ai* 7,195 
27.13 —OJ1 7061 


2SJ0 May 95 
L Ml 


Est. stas HA. Ttwta.KBet 26405 
Thu's opwiM 101401 off SOU 


2505 -070 11,916 
2X73 -075 1426 

2540 —075 48 

2545 —XI 5 2 


Livestock 


CATTLK (OlflBU AMtL.cMHih 


7170 Apr 94 7602 7777 7443 

TITS Jun 94 7447 7500 7442 

7X20AUD94 7115 71X 7300 

71 07 Od 94 7340 7175 7345 

7X30 7275 Dec 94 7305 7305 7101 

7475 7300 Feb 93 7345 7345 7347 

7110 7370 Apr 93 7400 7X82 MJO 

Est. stas 11091 Thu's. KMS X756 
TTWiaeenw 83443 oft zn 

CATTLE (CMBU JXWb^ctasi 

7902 Mar 94 8X15 1247 82.15 

7970 AST 94 8148 8100 8140 

7070 MOV 94 1105 8140 I1JB2 

7905 Aug 94 1102 82.12 1105 

7900 Sen 94 8140 8170 1140 

79000(894 0X90 1105 MJO 

7745 NOV 94 8105 B1JU 8140 

7705JW196 

Fd Mtai 765 TteTLsatas 409 

Thu's apeiM 1X357 OK 21 
HOGS (OEM xais-cMMh 
5102 3907ACTM 4800 402 4800 

5627 4577 JuiM 5X30 5X70 5470 

5507 4570 JU) 94 5X75 5307 5172 

530) 46 41 AIM 94 5105 5XID 5105 

4975 43000494 4X70 4U5 4115 

5040 4570 Dec 94 4940 4940 49.15 

5X80 4X80 Fd) 95 4900 4905 4900 

4X80 4000 Apr 95 47 JO 4700 4770 

SI JO 51 00 Junt5 

Est. ides 1179 Thu's, stas 4040 
Thu'iooen int 31J08 up iqi 
PORK BELLIES (OHBU Utponsr 
MJO 3X40 Mar 94 5X80 5X» 55JH 

6100 4QUMOV94 5740 5705 5680 

4200 39J0M94 975 5807 8X92 

5900 4200 Aug 94 5X10 S40 5U0 

81.15 39.10Feb95 0X00 8X00 JBJB 

5900 5975 Mar 95 

1X90 4X90 May 95 6X30 4X30 4070 

BL softs 1,964 fhksla 2JS9 
Thu's open W 9000 Oft 85 


7770 

7407 

7375 

73^ 

7305 

7347 

7X82 


38049 
*0JS 2X739 
+XU 11.937 
4X05 94» 
— XB2 2048 
821 

—402 99 


1172 
81 JS 
* 2.12 
81 J7 
BITS 
8105 


4X32 3020 
+U7 2,948 
tUS 2712 
+0 l32 2.117 
+X37 367 

+005 mt 
4X30 IS 
HMS 11 


5X82 

5X95 

5202 

487: 

49.15 

4906 

4770 

5105 


♦035 13,132 
♦XC 9,169 
+000 3064 
*001 2090 
*007 100) 
*005 1074 
+U5 ZS 
*005 a 
+008 3 


5X61 +UD 49 
SJO +X10 MSB 
5770 *035 2024 

5500 +04 455 

5900 — 115 17 

5X65 -135 3 

1X90 4 


Food 


COFFEE C (NCOS) PMU-osapvk 

9075 617DMar«4 7S.9S 7800 75.13 

6J75MOV M 77.10 
6400 01)94 7800 

6X50 Sea W 7900 
77.10DK94 BUS 
7100 Mar 95 
8240Mpr9$ 

£500 Jul 95 

».Hles 6041 Thu-vsta* 8019 

Thu'S Open kU 47.154 all 186 

SUBAR-WDRLOll (NCSO liuoo 


9X581 

1740 

8X501 

9100 

1740 

8535 

B50D 


7705 7X10 
7035 7X25 
8X60 7? JO 

•US 8X09 


7X00 

*033 

445 

77.98 

+000 39049 

»3S 

*880 

7057 

8000 

+XJ0 

5.121 

>108 

*000 

30*4 

BZ0D 

+03B 

i Ata 

ssre 

♦are 

71 

8X60 

♦an 

' 


ts-cebsvX 


1 Sea*n Season 






Htoh 

Low Open 

rtoh 

Low 

Close 

C7S 

opJnr 

1105 

BJOMavM 11.90 

11.99 

1104 

ure 

+X14 62482 

12.11 

9.15JU94 1205 

12.11 

1200 

1208 

*X12 29427 

1106 

9.420(3 94 lire 

1101 

1107 

1140 

+002 9275 

ure 

9.T7M0T 95 1144 

lire 

1121 

1123 


8424 

1108 

1047 Altov 95 1IJ0 

lire 

1121 

11.18 

_a» 

1.234 

1139 

1X57 Jul 95 1149 

1129 

1129 

11.16 

-aoi 

981 

nre 

10470095 



11.13 

— 04< 

27* 

EsJ. sales 1X300 Thu's, stas 12014 




Thu's open W 125LV7 up 

77 






(NCSt) >C manic tony- % p«r 





1*« 

fSJMcrM 1130 

1150 

1125 

lire 

♦21 

342 

136S 

97BMOY 94 1136 

1172 

1136 

11*6 

*27 37,194 

1365 

999 Jut 94 1161 

1193 

1160 

1118 

*25 U0O 

1377 

1020 Sen M 1188 

1217 

1188 

1212 

♦2S 

7251 

T389 

1041 Dec 94 1222 

1248 

1222 

ua 

+25 

6045 

1382 

7(177 Mar 95 1255 

1271 

1255 

1276 

♦ 25 

1730 

1400 

1111MOV95 



1300 

+25 

1407 

1225 Jul 95 



I3S 

+25 

2036 

1350 

1275 Sep 95 



1339 

♦ 25 

481 

13® 

1321 Dec 95 



1363 

♦ 25 

9 

Ed. jo 

B X222 Thu's, sta 

W7B 





Thu's Open W 8X028 Oft 638 

ORANGE JtffCE (NCTN1 IState-cetaPwe. 



13X25 

MJO Mar 94 10900 

11X00 

10X30 

moo 

-040 

900 

13500 

8900 MOV 94 HIM 

1U0O 

11X69 

ttare 

— 005 

8.114 

13500 

1IO40 Jut 94 113.75 

11500 

11200 

11320 

+X10 

4000 






— ODS 


13X00 

10X00 Nov 94 11X00 

11*00 

11X80 

11X90 

—are 

1.122 

13200 

10340 JOn 95 11700 

11700 

11540 

11625 

-070 

1460 

12X25 

10X00 Mar $5 11660 

11660 

11X60 

11X00 

-O05 

122 

Ed. sate NJL Thu's.saies 

2,236 





| Thu's open Int 1X126 aft 436 






/Metals 




HI GRADE COPPER CNCMXJ 






10740 

7300 Mar 94 8700 

wjo 

8700 

8940 

♦ 200 

1449 

9X10 

7X50 Apr 94 8860 

8940 

8X40 

8905 

♦2.W 

1074 

10200 

7340 May 94 1800 

9000 

8800 

8945 

+200 32053 

»J0 

7X10 Jun 94 



19.40 



102.95 

7X40 Jul 94 0800 

8905 

8800 

8920 

*125 

X5BA 

11030 

7400 Sep 94 8600 

B940 

1800 

8720 

*145 

3037 

101.90 

7X75 Dec 94 89.15 

1900 

W.1S 

8920 

*19 

32*1 

»J0 

7X90 Jon 95 1645 

8X35 

8X35 

8900 

+ 108 


9900 

7300 Feb 95 



8940 



UJB 

8240 Mar 95 8945 

»A5 

8925 




89 JO 

7X85AAOV95 BAS 

8905 

B905 

8940 

+ire 

*43 

19.90 

7800 Jul 95 



9020 

+ 120 


8X70 

7UOAU0 9S 



B»2D 

♦ 120 


9X30 

79.10 Sec 95 



9X50 

*1.10 

277 

8800 

7540 Oct 95 



1925 

♦ 145 

8840 




8925 

+ 145 


?ore 

8X30Dec« 



rere 




Jan 94 



9120 



Esc stas 12000 Tiers, sales X392 
Ttn/sooenkrt 59432 uo MS 





58.VEJ 

(KCMXj unrma 




55X5 

3660 Mor 94 5190 

3210 

5194 

5219 

—02 

2491 

53X5 

5190 AorM 5180 

SX0 

5160 

52X5 


5554 

3710 May 94 5214 
371 J Jut 94 52X5 

990 

914 

5270 

-02 6128 I 

5650 


5360 

53X9 


5614 

3764 SOP 94 5320 

5350 


5150 




30X0DacM 5394 





X919 

5440 

4O10JB19S 



5Hfl 


5720 

4164Mtr 95 5*34 

5«4 

SAO 

5170 


4098 

SB40 

41X0 Mav 91 5480 

5894 

5480 



1,94 

5950 

47X0 Jut 95 5570 

5570 

5570 

55X6 

+11 

5650 

4910 Sep 95 



5614 

♦at 










Jan 96 



57X9 

+&1 








PLATMUM tNMOU s fray aL-aoBonpv tens. 



42X50 

33500 Apr 94 9200 

39X00 

39140 

39130 

+29 13224 

42X00 

25700 Jul 94 39300 

39700 

39240 

39X50 



40X50 

34600 oa 94 9300 

39700 

39X0) 

39740 

+220 


41X00 

37480 Jon 95 



37700 

♦270 






39X50 

+270 

505 

SeL sales rxA. Tiers, sates 
Thu's open inS 

1080 





GOLD 

MQWXj IWirwaaL-dB 
37X00 Mar 94 37800 






39X30 

37X30 

37140 

37700 



41840 

33SJ0Apr94 37620 

37X10 

37600 

37X60 






37? JO 

♦are 

ii : 

41740 

U9J0 Jun 94 37150 

38D40 

37X10 

38X80 

+038 3X743 1 

41500 

341 JO Aug 94 9100 

38300 

38100 

38110 


5415 3 

41700 

34X0000 94 





42650 

34100 DOC 94 9600 

3B7J0 

38X00 

38X10 


61100 

36150 Feb 95 38900 

3000 

38900 

38940 










42840 

36120 JUn 95 39500 

39100 

19100 

39X9 


3.987 

41150 

18X50 Aug 95 












«90d 

•200 Dec 95 43400 

0400 

emiyi 

405J0 

+09 

3421 

Est. saws 27000 Thu's sta) 

9058 

| TteTsitanbit 14X954 off 1629 






Season Season 
High Low 


Open Mah Low Oose an OrW 


0267780 


9X07 -X07 27J09 
9574 —007 X715 

9536 -X09 2071 


Financial 

UST.MLLS (CMER) 11 rtabe-XseMOORI 

9X78 9X12 Am 96 9X14 9X14 9X04 

9X4 9579 Sep 94 9300 9500 9571 

9X10 9145 Dec 94 9134 9M6 9534 

Est stas 1043 Ttaj's.mta! 10U 
Thu’s open int 31745 an 460 
5 YP. TREASURY (CBOT) HM»*H elsAahdiBflMPB 
IIHSSNK1 MOTMIOB-JI 109-04 106-11 106-206- 025 7X54 

112-C5W-023 Jim94160-C7 100-11 107.265 IOmT K5 1*05? 
110-19*7-115 5ep 94 107-085 107-10 U7-005 ^5 

tsl.sdei NA Thu's. sales 88730 
THrtBWlhl 211634 oil 5639 
II TR. TR EAS U R Y IQOTJ naiMMi-AtBAiSMKj 

IISSM ssms ttS ISiis !SSz s ss 
»S %% ^ ,owo — — s ^ 

E»!mleS , iLL"Tl5s.taB 129050 » 2 

Thu's ooen ks 287.258 UP SS19 

118-06 91-19 Dec 94 HD -30 MpM wg , W 34/73 

]]ti* ’St!! ¥ nr ^IS'“ W7 - ,S '*-* iKk + 

112-15 108-08 5eo95 106-06 * 07 

513-1* 106-25 Dec 9J JSji l m 

EB. soles NA TTWi Stas 45(041 
WsoobiH 4)7053 rt irn 

Ju i?* ^ 1 «-H *M0 95-10-0 
Est. sales NA Thu's, sates 11061 
T tarsepen an 31,18* UtTess 
ggpooxxgjs (ONER) IlnteMMWM 


23056 

1^*5 

« 

8 


M ' , “ W" 1 * 9 96JPS 9X110 
91"S 9X400Jun94 91728 95720 9X600 9X6M 
95470 9X360 Sep 94 9U« 91400 wSS 9S790 


—40307071 
-» 455,945 
-603LUS6 


95.100 9X710D6C94 919* 94030 94390 K84 

94090 9024 Mgr 95 91710 91730 94000 91650 -70239091 

91730 9X7100*195 91470 9140 91360 91420 -4018X580 

91530 91 710 Sep 95 91360 94300 91150 91210 -4014,14 

943W 91. 100 Dec 95 91020 91030 93010 93070 -60117003 

EsL softs HA. Thu's. HAM 44604 
Thu's ooen Inf 2063060 of! 13213 
BUflbMPOWD (CMBU nwnauno-lpofcit— tfiSOJem 
1J3M 1.400 Mar 94 1JBK 1094 1464 MW -72 30010 

14150 1474 Am 91 1474 10906 10EO2 10057 —60 13068 

10950 10440 Sep 9* 10820 1.420 10810 10826 -62 460 

10950 10500 DkM 10810 -56 IS 

E*t. softs na. -narxsates 15384 

Thu's open W 45084 an 3073 

CANADIAN DOLLAR (CME9Q Seer Or- Inotrd *01x6* SU001 
00712 07363 Mar 94 0740 0740 07345 07365 -21 29462 

07805 07357 An 94 07390 07390 0734 07360 -25 1X112 

07740 07345 Sep 94 07367 07367 0734 07354 —25 766 

07670 0731 5 Dec 94 07350 07360 07314 07348 -35 567 

0 7605 07365 Mtr 95 07314 X7334 07334 07339 —25 174 

07322 07374 Jun 95 X7313 07333 07333 07329 -25 13 

».stas HA. Uni's, stas 7722 
Thu's QPUnH 4X194 Off 214 

GERMAN MARK (CMER) * Mr mom- Icon* ro ta 1A401 
0A2QS 0J64Mcr94 X5042 0J84S 04804 05814 -3)107.937 

04133 05607 Jun 94 0JB16 05B16 04774 04765 -34 34020 

OAOM OJfflOSapM 04793 04795 04760 04766 -33 2017 

04790 aj99QDec94 04757 -32 76 

EM.aates NA. Thu's. stas 75725 
Thu’sapenlnt 144058 UP 8233 

JAP WCSE YEN lawog uarnn- 1 paMaoutaUUMDaoi 
O0O993OUIOS8O(H5ar9<QJIO9646OLOD9i5RU)O945OOI)O9489 —759 86093 
X00WqU )IIBS71 Jcel 94 CLQ09g73SLBC968aiD0Mf3UXV529 -760 12010 
J5J*J5®AOW4Mep9t O.O06O5OOOHIBUIO95SSUIO957V -162 U66 
a009S10L00963SDec94 00096550409655X00961 2X009637 —164 34 

EB. sates NA Thu's, sate 30441 
Tim's men int 10X603 up 551 
SWISS FRANC (CMERI mrttalnMmtanjm 
07175 X6500MOT94 00956 00972 00921 00937 -19 4,749 

0^0 00590 Jun 94 0094! O09S7 00920 00933 -19 BJJ36 

07080 00600 Sep 91 00955 00956 00929 00738 -5 91 

Bt. softs NA. Thu'S. KSes 19734 


Industrials 


7040 Jul 95 ' 


$ 


4320 Jui 94 4X95 4440 

4445AU094 4400 4473 

4SAIS6P94 45J5 4500 

4t«Oa«4 4670 4600 

4705 Nov 94 4705 4700 

«A>D*C94 4805 4X95 
4175 Jan 95 4940 4945 

49.45 Feb 95 4975 49JS 
4800 After 9S 
47.10 Apr 95 
4700 May 95 
47.90 Jun 93 , 

4X48 AA 95 47 jd 


—075 356 


1408 Apr 94 US« 1437 wST 

IXSMavM 1484 1484 1406 U72 


1448 Jun 94 1407 14.97 I4A3 M06 

140 All 94 1504 15.11 1409 {Sfl? 


1507 Aug 94 1570 
1578 SCO 94 1X39 
L5J40d94 1547 

1571 Nov 94 1507 


1377 

1502 


1570 1X18 

-- ISJ5 1X36 
1549 1546 1543 
1574 1547 1168 


lisa Dec 94 1X83 1190 1X81 1SJO 
14.10431195 1508 1X07 150* 


1X70 


1X42 Feb 95 
1675Msr95 1X28 
1601 Apr 93 
1X70 May 95 
1645 Jun 95 1X70 
1X85 Jul 95 
D.IXAugfS 
17-08 Seo« 1X97 
1745 Doc 95 1748 
9fi 

NJL Thu's. softs 45019 
Thu’sopenlfn 437.79* up nn 


1X33 1X30 


1X02 

1748 


1X15 
1X28 
1X41 
1643 
1X70 1603 

1X22 
1X41 
1X97 1X90 
174S 1740 
1704 


—0.18109098 
— XI5 61461 
— 41.13 64050 
—013 26443 
— <L13 1X983 
— XI3 180K3 
—0.13 13485 
-413 1X126 
-0.U 20045 
— C.13 7.942 
— X13 B432 
—0.13 4733 
— 0.13 2071 
—XU 3403 
-XU 1X805 
— X13 1046 
—XU 

—X13 3015 
-XU 0410 
-XU 250 


uNuEAonGuoLjNE Inmem . 

LSD 4540 


6240 
61 JO 
1 61 JD 
6X50 
6X00 
5400 
14X15 
4800 


ajBOoei-aensta 

44.95 4113 


M79 Ss Sn 

£g Sfi £| g 

«054mg94 4XB «0Q Ja 

K . 9 ES " “ “ I 

Ttorsopeneo 111446 up 929 


-003 364a 
—0 39,96 
— X32 18016 
—070 5475 
— ojo sjm 
—070 2411 
—430 1016 
-O 2094 


Slock Indexes 


SKOW5._tNDEX VMEM 

M 46370 46X0 461.90 46440 


100159,172 
105 0059 

270 1129 


Sb mMjSTM SS J S-" 4MJ0 

II aHaa 

SL*aFffiS 9 “ ■* « a 

Ttoi’sgpenlnt 5000 a»ffl 








irauTics’ii. 

tfr 

3sI5IT:css 
*PSNStLES 
. COLLECT-;?? s 
j GliSES 



-4,~ . 


7900 

7640 

7701 

♦248 485 


7707 

7606 

7706 

+19 25419 


7055 

7X90 

7X35 

+ 140 12230 


7645 

7110 

7540 

+X93 2451 


7X00 

7205 

7205 

♦825 11041 


7X9 

7110 

7270 

♦X9S 408 


7405 

7275 

7405 

*1.08 W5 

. 



7X80 

♦ 145 

- 


4190 

4X80 

449 

— X77 48J6A 

: ; 

4305 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 5-6, 1994 



Page 11 



Stock Trading 
Boosts Profit 
At Credit Suisse 


Reuters 
~~ Credit Suisse on 

Fr^i^ a 53 percent j^p 

f J ! miLEcS profit to 

1.46 1 billion Swiss francs ($1.02 bfl- 

iKffl), raised its dividend by 17 per- 

“F 1 “ 1? was cautiously opti- 
mistic for 1994. y 

like the other two leading Swiss 
banluJJmon Bank of Switz^Iand 
and Swiss Bank Corp.. which earb- 
a- rcponed record 1993 eanrines. 
Credit Suisse made huge profits 
from last year’s booming stock 
m a r kets. Income from trading in 
securities, currencies and precious 
meub soared by 118 patent to 
3-3o billion francs. 

Commission income rose by 54 
percent, to 2.55 billion francs, and 
intoest earnings were 20 percent 
higher, at 2.76 billion francs. 

Credit Suisse’s chief executive, 
Josef Ackennann. said that 1994 
had begun well and that he was 
“very confident" about cash flow 
for the full year, although a repeat 
of 1993’s exceptional trading re- 
sults was unlikely. 


Unions Reject 
Balladur Shift 

Reuter: 

PARIS — French trade 
onions on Friday rejected as 
insufficient concessions by 
Prime Minister Edouard Bal- 
Lador on a law allowing young 
workers to be paid less than 
the national nrnirmum wage. 

The three main non-Com- 
munist unions called for a na- 
tional action day March 17, 
seeking the withdrawal of all 
measures that discriminate on 
pay according to age. The 
Communist-led CGT union 
walked out of talks with Mr. 
Balladur on Thursday. It has 
called for a national protest 
day March 11 

On Thursday, Mr. Balladur 
watered down the law, but 
stood by “training contracts*' 
under which workers under 26 
who do not have college or 
technical degrees may be paid 
from 30 to 80 percent of the 
minimum wage. 


After Credit Suisse's statement, 
the shares of its parent, CS Hold- 

JSf 1 °P Zurich market, 
t-b Holdings registered shares 
jumped 3.6 percent to 130 francs, 
compared with a 12 percent rise in 
the market as a whole. 

Credit Suisse’s earnings growth 
was achieved in spite of 126 billion 
francs of provisions — 87 percent 

higher than in 1992-set aside for 
doubtful loans. 

Ute afl Swiss banks, Crtdit 
Suisse suffered from a surge in bad 
loans, particularly in the depressed 
property market. But Mr. Acker- 
mann said he was confident that 
provisions would be lower in 1994. 

For the first time, Credit Suisse's 
results included Swiss Volksbank, 
which was hit with problem loans 
when CS Holding bought it last 
year in the biggest Swiss hank take- 
over ever. 

Volksbank earned a gross pretax 
profit of 504 million francs last 
year, but 644 milli on francs was 
charged to write-downs and provi- 
sions. 


Mark Soaks Up Liquidity 

Equity Losses Are Currency’s Gain 


Bloomberg Business News 

LONDON —What 


poured out of world bond, equity and commodity 
markets during their roller-coaster ride this week? 

Much of it went to the biggest, most liquid 
market in the world — the currency market. 

Investors who abandoned European bonds and 
equities, concerned about rising ILS. interest rates 
and a slowdown in the pace of German rate cuts, 
put their money on deposit and ultimately into 
what is seen as the safest currency in Europe, the 
Deutsche mark. 

“Amid all the European bond-market panic, 
people went to where they had the most confi- 
dence, and that was to cash and ul timat ely to 
marks," said Mark Austin, treasury economist at 
Midland Global Markets. 

That rush to marks, spurred by the high prevail- 
ing interest rates on deposits denominated in the 
unit, made the German currency the main benefi- 
ciary in Europe of the recent market collapses. 

The Deutsche mark has gained 0.8 percent 
against a trade- weighted basket of currencies since 
of rebni 


? ebruary, after a 1.6 percent 

decline in 1993. 

In the same period, the International Herald 
Tribune World Stock Index, which tracks move- 
ments of the most heavily traded slocks in the 
world’s major equity markets, has declined by 5.2 
percent, compared with a 22.6 percent rise in 1993. 

The J. P. Morgan index of worldwide govern- 
ment bonds has slipped 2 percent since Feb. 1, 
after rising 122 percent last year. Gold, often died 


as the ultimate safe haven for investors, has fallen 
1.8 percent, to $377 JO per troy ounce, after gain, 
mg 182 percent last year. 

Even investors not willing to buy securities have 
to maximize their returns, which makes the higher 
interest rates available on marks more attractive 
than dollars. Overnight deposit rates for U.S. dol- 
lars are about 3.31 percent, well below the 6.15 
percent on Deutsche marks. 

In Britain, at least, the flight to cash was spotted 
as early as mid-February. In a Feb. 14 survey of 91 
British fund managers by Smith New Court Secu- 
rities and the Gallup company, investors said they 
planned to increase their cash holdings for the first 
time since the survey began in mid- 1990. 

■ European Stocks Extend Advance 

European stocks rose a second straight day as 
investors returned to the markets on hopes that 
lower interest rates in Europe would boost equities, 
Bloomberg Business News reported from London. 

In Switzerland, stocks surged more than 2 per- 
cent as enthusiasm about bank earnings and for- 
eign buying of pharmaceutical companies caused 
large gains in companies such as CS Holding and 
Roche Holdings Co. 

The dollar was higher against major European 
currencies. Gold was down on concerns about a 
trade war developing between the United States 
and Japan. 

Stocks in Germany rose on hopes that new 
negotiations between metals companies and union 
IG MexaH would lead to a settlement soon. 


U.S. Counteroffer in German Air Talks 


AFP- Ext d News 

WASHINGTON — American 
negotiators have proposed expand- 
ed rights for domestic airlines to 
share computer reservation codes 
under a new U.S. -German aviation 
agreement, according to industry 
sources. 

The proposal was made in re- 
sponse to a German government 
offer on Feb. 16, industry and offi- 
cial sources said. 

Sharing of the codes can allow 
passengers to book through to des- 


tinations with one airline when 
their travel plans involve the use of 
more than one carrier. 

Earlier this year, the U.S. Trans- 
portation Department refused to 
grant full authority to a code-shar- 
ing deal between United Airlines 
and Lufthansa AG, delaying im- 
plementation of a bilateral aviation 
pact Germany, meanwhile, refused 
to allow U.S. carriers to share codes 
with third-country airlines flying 
from Germany to other points in 
Europe. 


A spokesman for the U.S. De- 
partment of Transportation. Bill 
Mosley, confirmed that the United 
States had responded but refused 
to go into detail 

The vice president for interna- 
tional and regulatory affairs of 
Northwest AirOnes, David Mish- 
kin, said the American proposal 
went a long way toward bridging 
U.S.-German differences. 

“The U.S. draft proposal tries to 
increase competition by allowing 
the alliance to operate an ii 


number of blind sector code-share 
services," be said. 

This means a U.S. carrier could 
fly passengers from the United 
States to Germany and onward by 
having them switch to another air- 
line with which it has a code-sharing 
agreement Bui it could not pick up 
new passengers in Germany for a 
third-country destination. 

United would benefit more than 
other U.S. carriers because of its 
greater access to the European mar- 
ket through the alliance with Lufth- 
ansa, Mr. Mishkin said. 


British Airways Is Facing New Dirty Tricks Allegations 

Reuters 

LONDON — Allegations of dirty tricks 
crowded in on British Airways an Friday with a 
lawsuit by Harry Goodman, the former head of 
Air Europe, which collapse in 1991. 

Lawyers for Mr. Goodman said they had 
issued a writ against BA after gathering evi- 
dence to back allegations that it waged a cam- 


of duty aides that contributed to the 
failure of Air Europe. 

“The plaintiff chums that the actions of the de- 
fendants in orchestrating a dirty tricks campaign, 
which seriously affected his busness, led to a 
dimaie in which its financial backers withdrew 
their support, resulting in the collapse of the 
h osmess m March 1991," according to Pannone 
& Farmers, which represents Mr. Goodman. 


British Airways said, “BA will defend itself 
against this action and is confident that Mr. 
Goodman will fail to make his case.” 

Asked why be had not sued BA before, Mr. 
Goodman said it was only reoently that he felt 
convinced of the evidence. “I have taken three 
years to be convinced,” he said. “I find what 
happened almost unbelievable.” 


Paris Faces 
Sanctions 
In Dispute 

WitihlLS. 

Compiled by Our Staff From Dispatches 

WASHINGTON - The United 
States has threatened France with 
sanctions for its blockage of U.S. 
fish imports, a European diplomat- 
ic source said Friday. 

The source said U.S. Trade Rep- 
resentative Mickey Kantor sent a 
letter to the French government 
threatening to limit UiL imports of 
French cheese and other products. 

In an effon to appease the French 
fishing industry, which ifemMiifari 
minimum price limits and curbs on 
non-European Union fish imports 
in violent demonstrations in early 
February, the government im pose d 
a series of rigorous health checks on 
fish from other countries. 

The result has been the destruc- 
tion of thousands of dollars worth 
of U.S. fish by French customs offi- 
cials and the closure of airports to 
U.S. fish shipments. Up to 35 tons 
of fish, mostly from New England 
and the mid-Atlantic states, has 
rotted at French airports since Feb. 
5, industry officials said. 

France was quick to defend its 
actions in the face of U.S. sanctions. 

“If the United States takes the 
path of retaliatory measures 
against France, it will bear the re- 
sponsibility for any escalation," 
said Catherine Colonna, a foreign 
ministry spokeswoman. 

She said France’s actions con- 
formed with EU regulations. 

Fishing industry officials said 
the United States usually ships 
more than $200,000 worth "of fresh 
fish by air to France each week. 
There also have been delays in 
$600,000 worth of weekly frozen 
fish shipments, they said. 

Barney Frank, a Democratic rep- 
resentative from Massachusetts, 
said that by Tuesday, “Either the 
French will have backed down, or 
we will have retaliated.” 

The U.S. East Coast fishing in- 
dustry has lost hundreds of thou- 
sands of dollars since the fish dis- 
pute, and one processor in 
Massachusetts drastically cut pro- 
duction, putting dozens of people 
out of work. 

Ms. Colonna noted that the dis- 
pute coincided with preparations 
for the conference in Morocco next 
month at which many countries 
will sign a new trade accord. 

“One might ask if this would be a 
good signal,” she said of the U.S. 
threats. (AP, AFX) . 



Investor’s Europe 




London -■ gagli® 

FTSEIOQ^X- ' GAC 40wf: 




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Sources; Reuters, AFP 


I n CTU li wul Herald Tribune 


Very briefly: 


• Pearson PLCs TussanTs Group Ltd. subsidiary will invest 5.6 billion 
pesetas ($4 million) in a theme park due to open in the spring of 1995 ax 
Salon, Spain, south of Barcelona. 

• France revised its estimate of nonfarm employment in the fourth 
quarter of 1993 to a drop of 02 percent, matching the drop in the third 
quarter, from a previously reported drop of 0J percent. 

• Skandmavisfca EnskHda Banken will increase its stake in Banqne 
Scandinave eo Suisse to 100 percent by buying out the 21 percent capital 
stake and 22 percent voting stake held by Northern Trust of Chicago. 

• Schweizerische Bundesbahnen, Switzerland's state-owned railway, post- 
ed a loss of 98 milli on Swiss francs ($69 million) in 1993, narrowing from 
a loss of 136 million francs in 1992. 

• Rbfloe-Poulenc SA, the French chemical holding company, had its 
long-term bonds downgraded to AA from AA-plus by Nippon Investors 
Service Inc. because of losses after its privatization. 

• Boeing Co. signed a deal with Romania to buy $11 million in pans from 

the state-owned manufacturer Romaero. afx, Reuters. AFP, ap 


Plan for Amsterdam Bourse 


The Associated Press 

AMSTERDAM — The Amster- 
dam Stock Exchange announced 
Friday that it had worked out de- 
tails of a restructuring to increase 
automated transactions. 

“1 think the total package is ac- 
ceptable for all parties," said 
Boudewijn van Irtersum, chairman 
of the bourse board. 

The proposed restructuring will 
radically change the pace of busi- 
ness on, the medium-sized exchange, 
instituting computer-based trading 


for tag transactions in major stocks. 

Smaller transactions and those 
involving other shares will continue 
to be conducted on the exchange 
floor via specialist market makers. 

Trading in government bonds on 
the exchange already is screen- 
based, and transactions of mare 
than 1 million guilders ($520,000) 
can be conducted via the exchange's 
interprofessional trading system. 

The recommendations must be 
approved by exchange members on 
March 15. 


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GOING ONCE, 
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INTERNATIONAL 

ART 

EXHIBITIONS 
AUCTION SALES’ 
COLLECTOR’S 
GUIDES 

IN SATURDAY’S 

INTERNATIONAL 
HERALD TRIBUNE 
TODAY 
PAGE 8 


PERSONALS 


MAT THE SACHS) WART OF JESUS 
be udwed, docifad, lowed cnl ptw, 
H!fved rfwoucftxif the wmtd. rwwond 
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pray far m Sant Jude, hob of the 

me ftmes a day, oy tnsrwn cny 
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mud be promised. LW. 


MAY THE SAOED HEART OF^SiS 

be adored, dwffied, l oved and pre- 
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THAW YOU, SA OH) HB«T of 
J«ni and iort J«fe far favoura 

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FINANOAL 

INVESTMENTS 


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COMMERCIAL 

PREMISES 


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FOR SALE 


SWITZERLAND 


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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 5-6, 1994 




A Troublesome Increase 
In Japan’s Trade Surplus 

Compiled by Our Staff From Duuatdta ^ 

TOKYO— The Finance Minic. not start falling growth target for the fiscal 3 

tiy said Friday that Japan's cutt^ “e economy emerged from its that will begin next month, up ft 


. , - — • Uioua ivimis- TimJWK.- “ * growth target for the fiscal year 

try said Friday that Japan’s cmwm economy emerged from its that will begm next month, up from 

account surplus rose 31 Krcenr < n cu 2 ? nt y?Snation. an estimated 01 percent expansion 

January, to $ 6.83 MiiJm VH.J2 * 6 e ,v I, ?* ,ce hfioistiy placed in the current year, Agence France- 
higher than most economic S ? 16 ^ blame for ^ a»pl“s on Press® reported from Tokyo, 

potations. The report ccmeTar?* ™j? 0ns ^ wh “ fa risen “ “The time is steadily ripening for 
inconvenient timefor tlw 10 tra ^ e t^ons. The a recovery," Finance Minister Hir- 

mem, which is mired in Umtcd States has favored an appre- ohisa Fujii told parliament. “Ad* 

dispute with the United ™ me yen as a way to curb justments of inventories and capi- 

The comparable curreni I? 6 ,. tradc “"Wa*** because it tal stock are in progress amid 

figure for January 1993 waftsTi “hportscheaper for Japanese support Tram public investment 

bSioii, and economic hid i ?’ 22 c ° DSUn,crawMe putting pressure on and housing construction." 

forecasting a relativelv mcSi» b ^ e *?? t * rs w rase their prices. Prime Minister Morihiro Ho- 

to about $5 65 billioiL nKxlttl nse . 7 injA, . r Y officials said the recent sokawa’s cabinet approved the 
The narrower merrhsnd;.:-, j «OMes in ofl prices also pushed up growth target for Japan's gross do- 
surplus, which dSmSSS 1 ”^* lr ^ de Japan imports mestic product, the value of goods 

™ S“ cl . ud f “f- ™}uaDy aj] of its cradc oil. and !«7ic« produced in a coS^! 


U.S., Japan Near 
Accord for Access 
In Cellular Phones 


v u due 

surplus, which docs not include scr- 
wees, rose to $8.26 billion in Janu- 
ary from $7.18 billion a year earli- 
er, the ministry said. 

On Thursday, President Bill 
Omtom reflecting Washington’s 
frustration at Japan’s huge trade 
surplus with the United States, 
cleared .the decks for possible puni- 
tive action against Tokyo. 

America wants speedy, measur- 
able action by Japan to open its 
markets to foreign goods and ser- 
vices and to cut its trade surpluses. 

Economists said on Friday the 


In dollar terms, the Finance 
Ministry said Japan’s exports rose 
6.9 percent to $25.36 billion in Jan- 
uary, while imports rose 33 percent 
to $1 7.09 billion. But in yen terms, 
they added, exports were nearly un- 
changed, while imports rose. 

(AP, Reuters) 

■ Tokyo Sels Growth Goal 
Forecasting a gradual economic 
recovery, Japan formally set an 
Friday a 2.4 percent economic 


and services produced in a country, 
for the 1994 fiscal year. 

Mr. Fujii said consumer spend- 
ing and corporate investment in 
plant and equipment remained 
stagnant and the unemployment 
situation was still severe. 

But he added that a 15 trillion 
yen ($144 billion) economic stimu- 
lus package, featuring 6 trillion yen 
in personal tax cuts, was expected 
to “move the economy toward full- 
fledged recovery as soon as possi- 
ble in fiscal 1994 and ensure a sta- 
ble growth in and after fiscal 1995.” 


Foreigners Pile Into Tokyo Market 


Agmcc France- Prase 

TOKYO — Foreign purchases of Japanese stocks 
soared to a record high of $10.6 billion in January 
from 53.4 billion in December Lhe Finance Ministry 
said Friday. • 

The ministry said the record surpassed the previous 
high of $9.1 billion set in September 1991. 

The news came amid expectations that figures for 
February would be even higher, following the contin- 
ued strong purchases of Japanese securities by foreign 
investors. 

Net purchases of securities by foreign investors 
jumped to $1 1.9 billion in January from $1.7 billion in 
Detimber. In addition to the record stock purchases, 
foreign investors bought 51.6 billion worth of Japa- 


nese bonds issued abroad, up from $781 million the 
previous month. Sales of Japanese bonds issued do- 
mestically fell to $277 million from $25 billion. 

Japanese buying of foreign securities waned, with 
overall net purchases dropping from $ 8.8 billioa to 
$3.03 biltion. 

Net purchases of foreign bonds issued abroad 
dropped to $35 billion from $4.1 billion, while pur- 
chases of foreign bonds issued in Japan fell to 5267 

milli on from $ 1.1 billion. 

But Japanese investors were net sellers of foreign 
shares, with sales canting to $535 milli on, reversing Lhe 
previous month's purchases of $35 billion. A ministry 
official said the renewed selling of foreign shares came 
as Japanese investors took profits. 


By Andrew Pollack 

New York Tima Service 

TOKYO — The United 
States and Japan are moving to- 
ward an agreement that would 
avert sanctions against Tokyo by 
vastly accelerating access to its 
cellular telephone market for 
American-nude equipment. 

The talks, in which a power- 
ful Japanese politician is play- 
ing a behind-the-scenes role, 
could still veer off course. But 
people involved said an agree- 
ment could be reached as early 
as this weekend. 

An agreement on cellular 
phones could hdp cool trade 
tensions between the world’s two 
largest economies and could in- 
fluence the United Slates to give 
Japan more time on other areas. 

However, a cellular phone 
agreement by itself would not 
solve the bigger question of 
what to do about framework 
negotiations. There the main is- 
sue has been whether Japan 
would accept numerical goals 
for opening its markets to for- 
eign goods and services. 

President Bill Clinton last 
month announced that the 
United Slates would impose 
sanctions on Japan for violating 
a 1989 treaty aimed at provid- 
ing access for cellular equip- 
ment made by Motorola Inc. 

But the list of proposed Japa- 
nese products on which tariffs 
would be placed is not expected 
to be disclosed until the middle 
of this month. This pressure h«/i 

induced the Japanese side to 
make concessions, officials said 

In the 1989 accord, Japan 
agreed to provide “comparable 


market access" for Motorola in 
the region from Tokyo to Na- 
goya. A cellular telephone com- 


m that region — using different 
technology — was persuaded 
by Japans government to build 
a second system using the Mo- 
torola technology. 

But the company, Nippon 
Idou Tsushin Cap. invested far 
more heavily in its Fust system, 
which used technology devel- 
oped by the Nippon Telegraph 
& Telephone Corp. 

As a result Nippon Idou now 
has about 310,000 subscribers 
using the NTT technology, 
compared with a little more 
than 10,000 subscribers using 
the Motorola technology. 

A new agreement being 
forged by Motorola and Nip- 
pon Idou calls for the Japanese 
company to vastly accelerate 
the construction of base sta- 
tions using Motorola. 

Those involved in the tali-c 
say the companies have largely 
agreed on a timetable for Nip- 
pon Idou to build the Motorola 
infrastructure. That schedule 
would be close to Motorola’s 
demand that 159 new base sta- 
tions be built within 18 months. 

One catalyst for the negotia- 
tions, which began in earnest 
last weekend, was the involve- 
ment of Ichiro Ozawa, a politi- 
cian who is the chief strategist 
of Prime Minis ter Morihiro Ho- 
sokawa’s coalition government 

Mr. Ozawa, a fixer whom the 
US. government has retied upon 
in the past to override Japan’s 
bureaucracy, negotiated the 
1989 ceUularphone agreement 


Stock Index 
Soars 3.9% 
In Taiwan 


Bloomberg Business News 
TAIPEI — Taiwan’s benchmark 
stock index jumped 3.9 percent Fri- 
day on expectations that the cen- 
tral bank would soon raise the S5 
billion ceiling on stock investments 
from abroad, analysts said. 

The weighted price index of the 
Taiwan Stock Exchange rose 
213.15 points, to 5.672.87, on vol- 
ume of 73.05 billion Taiwan dollars 
($3 billion), nearly twice Thurs- 
day’s level of 38.7 billion dollars. 

“It was on the expectation that 
the foreign-fund ceding win be lift- 
ed,” said Tsaur Jong-ping, a dealer 
with Top Soon Portfolio Securities. 

Hopes that the ceiling would soon 
be raised were buoyed by remarks 
from a central bank spokesman, 
Chen Yu, who said Thursday that a 
decision was likely within days. The 
Securities and Exchange Commis- 
sion asked the Central Bank of Chi- 
na, Taiwan’s central bank, to raise 
the Until in December. 

Bui the bank has not agreed, cit- 
ing fears that foreign-fund inflows 
would push Taiwan's currency up, 
hurting the competitiveness of ex- 
porters. bank officials have said. 

Hopes for an increase in the ceil- 
ing also have been fueled by recent 
central-bank approvals of foreign 
financial institutions’ applications 
to invest in Taiwan's stock market 

■ law on Jakarta Market 
Indonesia's stock market has is 
mired at its 1994 low, with analysts 
on Friday painting a gloomy pic- 
ture of a usually buoyant market 
clouded by low ail prices, rising 
labor costs and a hanking industry 
dogged by loan scandals Renters 
reported from Jakarta. 

The official index of the Jakarta 
stock market fdl sharply, losing 8^9 
points on Friday to dose at 52158. 
It had fallen 10.1 points on Thurs- 
day. 


* Page 13 

ASIA/PACIFIC 












Vhfciei 

. .:,TV. A.y.i/2 . ■■■ S 1:/?^ y y . . ■ . *•■ •■I-*,/ ■ , -'y ri ‘ .. 

-.am**#*® rSjMWJMS-i: 

' ^inim/iiimit^riy Hmm ifA I 1 , i il l ejjfc ^HHUnM^wmnMiwiH fi i mm ii* . 

.iwpwsBf ■ . r Naapnaa jnictex. (Wt - . • 

Sources: Reuters. AFP ImemrioniJ HcraM Tribune 


Sources: Reuters, AFP 


Amoco to Leave Burma Designing China Revives Canadian Firm 

The Associated Press some its leaders. But Amoco O O 


The Associated Press 
CHICAGO — The explora- 
tion arm of Amoco Coro, plans 
to pull out of Burma by mid- 
year, saying the potential for 
profit was too slim tojustify the 
expense. 

A human rights group has 
pressured Amoco to withdraw 
from Buraia to protest the 1990 
military coop that ousted a ci- 
vilian government and jailed 


some its leaders. But Amoco 
Production Co. made no men- 
tion of any reason other than 
economics for its pullout 
Amoco employs about 47 
people in Burma, most of them 


“It’s a shame they’re saying it 
was only economic," said Si- 
mon Bfflenncss, a leader of the 
Coalition for Corporate With- 
drawal from Burma. 


Reuters 

SHANGHAI — Two years ago, 
Bob Thienpont, an executive of the 
Canadian architectural concern 
Bregman & Hamann Architects In- 
ternationa] Inc, was fretting about 
how to survive the recession. 

Half of the company’s 200 em- 
ployees had been laid off, fired or 
taken early retirement. The rest 
were idling on a four-day week. 
There was hardly a major building 


going up in Toronto, where B rag- 
man & Hamann has offices. 

Now Mr. Thienpont has moved 
to Shanghai and is scr ambling for 
staff to help complete work in a 
dutch of projects with a total value 
of dose to $1 billion. 

“It's mind boggling,” said Mr. 
Thienpont. 62. "There’s a huge 
market available here, unlike any- 
thing I’ve experienced in 40 years 
of my profession." 


i re mu hbh LowLowaanw 


llMonth 
H»an Low stot* 


Friday’s Closing 

Tables indude the nationwide prices up to 
the closing on Wail Street and do not reflect 
late trades elsewhere. Via The Associated Press 


(Continued) 



5t* 2 AS 

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A construction boom of im- 
mense proportions is under way in 
C!hina, and Bregman & Hamann is 
scooping up business. 

Two projects are under construc- 
tion: an international airport ter- 
minal in Xiamen, in southern Chi- 
na, and a 3 9- story office and 
commercial building, topped by a 
helicopter pad, in Shanghai 

Other projects indude: 

• Xing Long Resort Hotel, a 
900-room complex on Hainan, a 
tropical island. 

• Tianyu Tower, an office block 
in central Nanjing. 

• The Shanghai headquarters for 
Stone Group, a Chinese computer 
company. 

Aviation authorities are so im- 
pressed by the traditional Chinese 
design concepts in the Xiamen air- 


port that they are thinking of mak- 
ing it a prototype: 

“This is the only major market, 
anywhere," Mr. Thienpont said. 
“China has a lot of catching up to 
do.” 

Shanghai looks like a vast con- 
struction site, with wreckers 
swarming over its 1950s workers’ 
barracks and 1930s luxury villas, 
tearing down great swathes of the 
city. 

Despite a government edict ban- 
ning new fixed investments this 
year, there has been tittle let-up in 
construction. 

Canadian architectural concerns 
have been remarkably successful in 
this urban renewal. 

The price and technological level 
of their designs suit a section of the 
Chinese market that warns to move 
beyond Hong Kong-style glitz. 


Very briefly; 

• Qina closed 26 joint ventures in the town of Wuhan that were front 
companies that never did any business; many were created purely for 
personal gain because joint ventures are allowed to import a foreign car. 

• Saudi Arabian Oil Co. formalized its purchase of 40 percent of Petnm 
Bataan Refinery, the largest oil refiner in the PldinMnes, with a $502 
million payment to the government. 

■ Post Pubfisbmg PLC, which publishes the Bangkok Post, will publish a 
Thai edition of Hie, a fashion ma gawna , through a joint venture with 
HachetteSA. 

• Alcan Aluminium Ltd, the Canadian aluminum cqpmany, is considering 
selling its 735 percent stake in Akim Australia Ltd; the holding is valura 
at 290 million Australian dollar ($204 million). 

• Oniia's foreign-exchange business is growing rapidly, with 2^92 finan- 
cial institutions involved the official news agency, Xinhua, said. 

• The Japan Automobile Importer’s Association said sales of foreign- 
brand cars in Japan jumped 245 percent in January from the like month 
in 1993; Goman cars nude op the bulk of sales. 

• Taiwan's trade surplus in the first two months of the year fdl 69.9 
percent from a year ago, with imports rising 6.7 p e rc e nt and exports rising 
3.8 percent 

• Australia’s 20,000 striking coal miners were planning to return to work 

at midnight Friday, ending a week-long walkout protesting a price cut 
given to Japanese buyers- AFP. Reuters, Btoomberg 


Q RRFM Y AND CAPITAL MARKET SERMCES 


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NOTICE TO THE SHAREHOLDERS 
OF 

ASIAN CAPITAL HOLDINGS FUND 

20, Boulevard Emmanuel Servais 
L-2535 LUXEMBOURG 
RC Luxembourg B 43 100 

Notiee is hereby given that the Annual General Meeting of the 
shareholders of ASIAN CAPITAL HOLDINGS FUND wiD be Held at 
the registered office of lhe company on March 14th, 1994 at 350 pjn. 

AGENDA 

1. Approval of the report of the Board of Directors and the report of the 
Auditor, 

2. Approval of the financial statements for lhe year ending on December 31st, 
1993; 

3. Ratification of lhe co-optation as Dined car of the Hon. Jeremy Sonnes lo 
replace Mr. Richard lamb who has resigned; 

4 Discharge of the outgoing Directors and the Auditor from their duties for 
the year ending on December 3 1st, 1993; 

5. Appointment of lhe Agents of lhe company; 

- Re-eb?clion of the Directors; except Mr. Richard Lamb who has resigned; 

- Re-election of the Auditor; 

6l Any other business. 

Resolutions on the above-mentioned agenda will require no quorum and the 
resolutions will be passed by a ample majority oT the shares present or 
represented at the meeting. 

A shareholder may ad at any meeting by proxy. 

On behalf of the Company, 

BANQUE DE GEOTON EDMOND DE ROTHSCHILD LUXEMBOURG 

Sodete Anonyme 

20, Boulevard Emmamel Sc r va fa 

L-25S5 LUXEMBOURG 


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Page 14 


NASDAQ 


CSTFB NATIONAL HERALD TRIBUNE, SATURDAY-SUNPAY, MARCH 5-6, 1994 

U«««l Ss I 12 Mown Sto I HMonth Sb .. 1 . H.fttewn m-h LowLawdOi'af I HonLOw Stock Diw YM PE IWs Mttl Low Latest OVge 

HWiLow Stock Dtv Yld PE 100s High LowLatevtQi'ge | HWtiLow Stock Dw YU PE 100k High Low Latest OYge I High low Stock Wv Y« PE lOfe Han LowuawChBe ! fkghUw Sia* «v Yid PE Ittfc Moh LowLoreaai of I man 


Friday’s Prions 

NASDAQ prices as of 4 p.m. New York time. 
This list compiled by the AP, consists of the 1,000 
most traded securities in terms ol dollar value. It is 
updated twice a year. 


?feCCBFn 1.28 


IJMonth St 

High LOW Stock Ov YU PE life mh LowLdestOYgc 




rM~. 




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62% 62% — ' £ 
4JV* 43 + 1% 


■* ^ . 
w 


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LowumstOi'oo 


Friday’s Closing 

Tables include the nationwide prices up to 
the closing on Wall Street and do not reflect 
late trades elsewhere Via The Associated Prom 


* ^ 




& 


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Bfe 

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r/» t% t% 
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35 4k. 44 41k 

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31fei5feKeoncs 

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I 





Saiwday-Sunday, 
March 5-6, 1994 
Page 15 


< ~ 
lr • 


1 


FIRST COLUMM 

Rough Seas 
For New 
Investors 


T HE downward trend in bonds and 
shares continues in countries where 
interest rates are set to rise over the 
. . , c ton 8 *5™- That means investors in 
the US. and U.K. markets will have to be 
especially dever to find good returns over 
the next few months, while e me r g in g mar- 
kets investors continue to sail in uncharted 

waters that may yet become rough seas if the 

mam markets run into trouble. 

And it could be serious trouble. Some 
analysts argue that the markets may be vic- 
tims of their own success as interest rates 
begin to tick upward again. Consider the 
following: Low interest rates have been in- 
strumental in causing a major movement of 
capital into shares and equity funds by the 
smaller, less sophisticated investor. For ex- 
ample, the U.S. fund industry (through its 
Washington D.C.- based representative 
body) now boasts one household in two 
having a stake in a mutual fund. 

But rates are picking up. That has not only 
helped drive bond and share prices down, 
but will attract unsophisticated capital back 

call deposits. 


Diplomas: Expensive, and Getting More So 


into money market funds and 
So far, the a rgume nt is perfectly routine. 

But what happens if flight back to the 
money market has an element of panic about 
it? The figures for US. fund investors show 
that a large and increasing percentage of 
peoplehave never had market experience be- 
fore. And it is only through direct experience 
that investors really appreciate how share 
prices can go down as well as ip. 

Among the institutional investors, the sto- 
ry is little better. Many of the major invest- 
ment houses invest huge amounts of then- 
own capital into the markets. The fact of 
proprietary trading is not new, but the size of 
the positions taken in the last few years is. 
Right now, that means that the clients ad- 
vised by the big investment houses and the 
advisers themselves are hurting almost as 
never before. 

And at the tail end come the emerging 
markets. While not recognized as a leading 
negative indicator (that means, in En g lish, 
something that portends a market faHXlaige 
numbers of emerging matket funds preceded 
the 1987 crash and the major falls of the 
early 1970s. 

MJB. 


By Conrad de AenOe 


T HE cost of getting a university educa- 
tion varies quite a bit from country to 
country, and especially between pri- 
vate and public institutions wi thin 
countries, such as the United States, where both 
sorts of institutions are common. What seems 
to be common, no matter whore students go for 
their schooling, is that government resources 
have grown scarce, meaning that schools must 
find other ways to finance programs, such as by 
increasing tuition. 

A study of higher education published by the 
Organization for Econo mic Cooperation and 
Development found that public expenditure 
per student, adjusted for inflation, fell in 1 1 of 
19 countries ova the period from 1970 to 1988, 
the most recoil year for which the international 
organization had compiled figures. 

The biggest annual declines, were of 4.8 per- 
cent in New Zealand, and of 4 percent in 
Britain. Portuguese authorities did the best at 
beefing up their university system, with an 
average annual increase of 6.8 percent over the 
19 years. 

In general, southern European countries 
showed gams in state spending on higher edu- 
cation, while those in the northern part of the 
Continent recorded declines. Japan and the 
United States had small annual gains 
The erosion of government support is partic- 
ularly grim news considering that most univer- 
sities in nearly every coon try are state-run. 
Ruminating on the matter, the OECD report 
said: “The fall could be attributed to the fact 
that higher education lost some of its political 
clout, and to the conscientious efforts of public 
authorities to reduce the level of funding, there- 
by forcing institutions to tap alternative sources 
of finance and increase their efficiency.” 

With things tough all over, and likely to stay 
that way for some time, universities will have to 
keep tapping. “Attracting additional private 
resources is a matter of considerable impor- 
tance dining periods of large-scale economic 
recession when prevailing tax structures are 
inadequate for the financing of emeiging social 
needs, and tax increases are both politically and 
economically undesirable," the report went on 
to say. 

What parents may find undesirable is the 
dwindling value they get for their tax money 
when it comes time to send their children off to 
university. The decrease in government spend- 
ing on education occurred despite an average 
increase in real, or inflation-adjusted, personal 
income taxes in OECD member states. 


Not only is relatively less money being allo- 
cated to education, but in many countries, less 
of what does make its way to colleges is used for 
facilities and instruction. Capital spending as a 
percentage of total funds for higher education 
fell from 1980 to 1988 in 12 of 19 countries in 
the OECD study. The portion of the total paid 
out in teacher salaries was lower in 10 of 13 
countries for which data were available. 

With state assistance so meager in so many 
places, universities are feeling squeezed. This is 
particularly true in Britain, with its marked 
decline in government funding. At University 
College, London, for instance, roughly 45 per- 
cent ctf the budget is derived from government 
sources, school officials say; a decade ago, the 
figure was 60 percent. 

“Certainly the proportion of our income 
coming from normal government grants has 
dropped significantly in the last 10 years,” said 
Stephen Montgomery, director for industry and 
commerce at University College, a branch of 
the University of London. He estimates that 
less than one-third of Lhe college's £150 mini on 
($225 million), in gross income comes from 
direct government aid. Other state money is 
received through research contracts and the 
leasing of facililies. 

Those grim facts are forcing universities to be 
creative when it comes to raising money. Uni- 
versity College, for example, was able to entice 
a Japanese drug company, Eisai Co„ into budd- 
ing a research lab on its campus. Scientific 
research at the University of Oxford has led to 
the formation of a number of spinoff compa- 
nies and the creation of ISIS Innovation Ltd, a 
university-owned entity that handles licensing 
agreements between the university and private 
businesses. 

A traditional method of raising funds at 
public and private universities in the United 
States more than anywhere else — increasing 
student fees — has been employed with vigor. 
During the academic years from 1976-77 
through 1992-93, tuition at public four-year 
colleges rose by 290 percent, to an average 
$4,747 from $1,218, according to figures com- 
piled by the American Council on Education. 
Students in most other countries generally pay 
little or no tuition for undergraduate studies. 

Tuition at private American colleges can be 
10 times that of their state-rim counterparts 
because of the lopsided disbursement of gov- 
ernment funds to the two kinds of schools. 
Public colleges got 53 percent of their funding 
from state and local appropriations and 21 
percent from student fees, a council report 
shows. On average, 58 percent of the budgets of 
private colleges comes from student fees, with 
less dun 2 percent in direct subsidies from 
federal, state and local governments. 

The counriTs report notes that when general 



International Education 


Pape 16 

School fees and the expatriate executive 
Expenses for elite U.S. colleges 
U.K. schools 

Page 17 

Funding methods compared 
What price an MBA? 

Page 19 
Pre-paidplans 
Doing it the painful way 

inflation is factored out, tuition still increased 
36 percent from 1981 to 1991 ai public universi- 
ties: at private ones, the increase was 53 per- 
cent. The report cites a public restlessness that 
has grown along with costs. 

“Rising college tuition levels are of consider- 
able concern to policymakers, educators, stu- 
dents and their families." the report states. 
“Why tuition continues to dimb is a body 
debated subject” 

What raises the temperature is the fan that 
funding for instruction, research and even ad- 
ministration has not kept pace with tuition. 
Despite the 36 percent increase in real public 
university tuition, total expenditures were up 
only 20 percent with those for instruction ris- 
ing a thin 13 percent The picture is much the 
same at private schools. 

One source of expenditure that has outpaced 
the growth in tuition at American schools is 
scholarships, which rose in constant dollars by 
53 percent at public universities and by 71 
percent at private ones during the decade, the 
education council figures show. In a sense, 
administ rators are playing Robin Hood, taking 
in more money from students who can afford it 
and disbursing it to those who cannot. 

No matte how the money is divided up, the 
direct cost of sending a student to college in 
America is higher than practically anywhere 
rise on Earth, and it is likely to gpt higher. Last 
year Yale University, which is private, caused a 
stir when it set its total fees at more than 
$25,000 a year per student, making it the first 
institution to exceed $100,000 for a four-year 
education. 

Most students, of course, wfll pay far less 
than that — for now. An extrapolation of 
recent patterns in American education costs led 
one grog? of financial planners to estimate that 
by the time the average child born today gets 
bos diploma, be — or his parents — win have 
Darted with more than $200,000. 

The Money Report is edited by 
Martin Baker 



Source: OECD 


Iiuenutioiud HenJd Tribune 


In Picking a Secondary School 
There 9 s Help for Expatriates 


By Michael D. McNicklc 

F OR expatriates, even the best-fund- 
ed state education system may not 
be enough. The issue of finding and 
funding the right secondary school 
is often based on totally different criteria 
from those prevailing in the host country. 

Than are a number of solutions to the 
problem. The most obvious of these is to lode 
for help from organizations that have an 
international outlook, but are based in the 
expatriate's home country. U.S. nationals 
abroad might, for example, contact Interna- 
tional School Services, a long-established 
nonprofit group based in Princeton, New 
Jersey. The group has just produced a 500- 
page directory of leading overseas American 
and international secondary schools. * 
Daniel Warner, a former headmaster of 
the American School in Frankfurt and retired 
staff member of International School Ser- 
vices. said that regional associations and ac- 
crediting organizations were listed in the di- 


rectory, providing a quick contact point for 
more extensive information from groups well 
acquainted with a prospective school. 

Mr. Wagner said, in general that Ameri- 
can schools in Europe were “top notch” and 
“as good as most of the best independent 
schools in the United States.” The fees are 
comparable to US. schools too, and range 
from $6,000 to more than $10,000. There may 
also be a one-time admission fee. as well as 
extras for transportation. 

Anna K_ Hacker, a publishing rep resen ta- * 
live based in Wiesbaden, Germany, who has 
taught at American and international schools 
in half a dozen countries, said “a fair number 
of people that come overseas look to putting 
the children into the national school system,” 
which is usually free. 

And sometimes the best option is also the 
least expensive. In many European countries, 
the local public schools may be ideal espe- 
cially for younger children, giving than the 
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Page 16 


INTERNATIONA L HERALD TRIBUNE, SATURDAY-SUNPAY, MA RCH 5 -6, 1994 

THE MONEY REPORT 



What Price 
Learning? 


Total cosl for tuition, 
room and board. 
Projected future annual 
costs at 6 JS% annual 
Increase. 


School Year 1993-94 
School Year 2003*04 
School Year 2008-09 



A Primer on School Fees and Taxes 


Sources The Universities. U.3. National Center lor Education Statistics 


InicnubadAl Hertld TrdHtw 


Planning Ahead for US* Tuition Bills 


By Philip Crawford 

I F the cost of an undergradu- 
ate education at top US. pri- 
vate colleges and universities 
seems hopelessly unafforda- 
ble now, consider this: It will near- 
ly double within 10 years and in- 
crease by more than 150 percent 
within 15 years, according to cur- 
rent estimates. 

For American and global inves- 
tors who dream of sending their 
children to Ivy League or other 
tony American schools, planning 
for such a huge expense has be- 
come nearly as high a priority as 
laying the groundwork for their 
own retirements, say experts. A fo- 
cused investment strategy and a 
willingness to take on some degree 
of risk, many add. are imperative if 
one hopes to meet the targeted 
goals. And the earlier the planning 
starts, of course, the better. 

“The issue continues to be one of 
keeping up with spiraling educa- 
tion costs, which have been rising 
at rales higher than inflation,'' said 
William J. Goldberg, who special- 
izes in personal financial p lanning 
for the auditing firm KPMG Peat 
Marwick in Houston. “And you've 
got the further complication of in- 
vesting to meet a fixed obligation 
that mil occur at a certain point in 
time.’' 

The numbers themselves can be 
numbing. This academic year, the 
average cost of full-time under- 
graduate studies at Harvard, Yale, 
Princeton and Stanford universities 
(including tuition, room, board and 
other fees) was $24,737. The cost of 
books and other incidentals easily 
pushed the grand total to the 
$25,000 level, a typical figure for 
elite private colleges in the United 
States. Assuming a 65 percent an- 
nual increase in college costs, the 
rate forecast by the U.S. National 
Center for Education Statistics, the 


four-year tab for freshmen current- 
ly studying at such institutions will 
be $110,179. 

The real shock, however, comes 
in looking a few years down the 
road. With the 6.5 percent annual 
increase (which many experts view 
as a conservative estimate), the cost 
of four years at a top American 
private school for a student enter- 
ing a decade from now will be 
$206,81 8. Freshmen at such institu- 
tions in the autumn of 2008, 15 
years from now, will be looking at a 
four-year tab of $283,363 before 
they can don caps and gowns. 

To attempt to accumulate such 
sums, most analysts say the best 
long-term path is the historically 
proven one: equities. 

“If you're investing for the edu- 
cation of a child who is now, say, 3 
years dd, and if you believe in the 
history of capital markets, stocks 
tend to do better than bonds over 
long-term periods,” said Russell 
Hill, a senior vice president for the 
Stratford Advisory Group, a Chi- 
cago-based investment consulting 
firm. “In fact. I'd tell a client in that 
situation to put 100 percent of bis 
portfolio in stocks, and I'd steer 
' him toward funds because there are 
lots of good no-load funds with 
different investment styles.” 

For the few years just before the 
student is due to matriculate, how- 
ever, Mr. Hffl suggested mowing a 
chunk of the portfolio, the size of 
which would be determined by cur- 
rent market conditions, into fixed- 
income instruments to preserve 
gains and to provide stability. 

“My basic approach would be 
the same with a 10-year time 
frame,” he said, adding that he felt 
investors in U.S. equities could ex- 
pect an annual return of 10 to 12 
percent. 

Going hand in hand with gang- 
ing estimated returns to varying 
investment strategies, of course, is 


the question that can keep educa- 
tion-minded parents awake at 
night: Just how much cash, assum- 
ing hypothetical rates of return, 
must be pat away each year to 
reach the levels of likely college 
costs of the future? The answers 
Can be Haunting . 

A yearly contribution of $10,000 
for 15 years with a compound an- 
nual return of 10 percent, for exam- 
ple, would grow to an uu taxed total 
of $359,489. If the portfolio’s tax 
liability (which would be figured 
annually and then a g ain when the 
securities were redeemed) worked 
out to be 28 percent of the total (the 
maximum U.S. capital gains rate), 
the investor would have $258,832 
left That sum would still be more 
than $24,000 short of the projected 
cost of a top school, but the differ- 
ence could likely be made up by 
reinvesting what remained of the 
portfolio during each year of the 
college period. 

W HILE higher levels of 
annual contribution, 
higher rates of return 
or lower taxes could 
obviously enhance the portfolio’s 
ultimate yield, the “$10,000 at 10 
percent” model provides at least a 
yardstick for a 15-year investment, 
say some analysts.' 

The brokerage Merrill Lynch of- 
fers its clients a free service called 
the “college builder analysis” 
aimed at hoping parents plan for 
the education costs to come. 

John Barrett, a Merrill Lynch 
vice president based in New York, 
says be figures on a 6 percent annu- 
al return from fixed-income instru- 
ments such as zero-coupon govern- 
ment bonds, an 8 percent return 
from a mixed portfolio of bonds 
and equities, and a 10 parent re- 
turn from a portfolio consisting ex- 
clusively of equities. 

“The decision on how to allocate 


the funds has to be the client’s,” 
said Mr. Barren. “It’s our job to 
help him find his comfort zone. But 
to clients who understand the 
principle of risk versus return. I 
think an annual gain of 8 to 10 
percent is very achievable.” 

Mr. Barrett added that some par- 
ents, specifically those who nave 
waited until their 40s to start fam- 
ilies, can face a double whammy of 
sorts: “People often don’t realize 
that college expenses for children 
can start at about the same time 
tha t they, themselves, are planning 
to retire.” 

Craig Litman of Litman-Greg- 
ory & Co., a San Francisco-based 
investment advisory group, said he 
favored an all-equities strategy as 
well, and one heavily exposed to 
emerging markets. “The emerging 
market story is not a fad and it is 
clearly a trend,” he said. “I expect 
some near-term risk but it's still 
intact in the long term. Emerging 
markets will be the world's growth 
story over Lhe next decade, and our 
approach would be through 
funds.” 

Calling the escalation of UJ». 
college costs “staggering,” Mr. Lit- 
man said tha t planning for them 
has become a major concern of 
investors. Asked if he foresaw any 
easing of the costs or of the pres- 
sure on parents to come up with 
such hefty sums, Mr. Litman said 
his view was somewhat pessimistic. 

“I think the whole situation will 
have to reach true crisis propor- 
tions, where higher education in the 
United States is so prohibitively 
expensive that nobody can afford 
it, and where we can’t compete in 
the international marketplace be- 
cause we’re so uneducated, before 
any thing might change,” he said. 
“The government would be forced 
to step in and do something to help 
people pay to it Most likely, that 
would be to raise taxes.” 


By Jack Anderson 

Y OU are offered a job 
abroad, Tbe pay and the 
“package" of financial 

benefits are good. 
What’s your next question? If you 
have children, it will certainly con- 
cern education — because educa- 
tion is one expatriate allowance 
that is nonncgotiable. 

The importance of providing 
education for the children of expa- 
triates was recognized by the city of 
Strasbourg, France, several years 
ago when they first built and 
staffed a Japanese school before 
any Japanese companies had decid- 
ed to set up shop in Strasbourg. But 
the Japanese companies soon fol- 
lowed, including Sony Corp. 

The education of expatriates’ 
children is not only important, but 
expensive. And it is even more cost- 
ly when the tax costs are consid- 
ered. 

Assuming tbe highest marginal 
income-tax rate is applicable to the 
expatriate, a $20,000 education re- 
imbursement would result in a total 
cost to the employee — education 
costs not generally being lax de- 
ductible — or his company of 167 
to 250 percent of the initial amount 
of the educational cost after in- 
come taxes. The additional em- 
ployee and employer social taxes 
tnakft the burden even heavier. 

It is expensive to the expatriate 
who must pay tuition fees himself, 
without company assistance, with 
after-income and social- tax dollars. 
This is tbe unreunbuised expatri- 
ate’s total cost For example, a UJs 
expatriate in Spain must earn 
$45,455 and pay income taxes on 
this amount at the top marginal 
bracket of $25,455 in older to have 
$20,000 left to pay that assumed 
educational cost. 


Real Cost of Education for Expatriate s Children 


Belgium eg 
Holland 
France 
Spain 
Japan (3) 

Canada o) 

United States (3) 

Germany 
Sweden 
Austria 
Italy 

Switzerland (a) 

Britain 

in Assumed Educational Cost plus Incoma Tax Cost equals Total Cost of education to unretnExirsed expatriate. (For exampks, a Belgian 
must earn SO, 000 and pay taxes rt S30.Q00 in order to ham 520,000 tatt to pay cducabonai costs). (2) Induing Communal tax ot 7% 
and Crisis tax rf 3%. (3) Includes local taxes. 


Assumed 

Top Marginal 

Income Tax 

Total Cost 

Tax 

Educational 

Income Tax 

Cost (at top 


Planning 

Cost 

Bracket 

bracket) 


Available 

$20,000 

60% 

S30.000 


Yes 

20,000 

60% 

30.000 


Yes 

20.000 

59% 

28,780 


Yes 

20,000 

56% 

25,455 

Wkt j -X: 

■ No 

20,000 

55% 

24,444 

44,444 

Yes 

20,000 

52% 

21,667 

41 ,667 

Yes 

20.000 

52% 

21,667 

41 ,667 

No 

20,000 

51% 

20,816 

40,816 

Yes 

20,000 

50% 

20,000 

40,000 

No 

20,000 

47% 

17,736 

37,736 

Yes 

20,000 

46% 

17,037 

37,037 

No 

20,000 

41% 

13,898 


Yes 

20,000 

40% 

13,333 


Yes 


Source: Emst & Young 


Alternatively, it is equally or 
more expensive for tbe emplctyer 
who first reimburses tbe expatriate 
for the tuition he has paid. Tbe 
company must then, under any tax 
equalization or protection policy of 
the company, pay the host country 
taxes on the deemed income result- 
ing from the payment of the expa- 
triate's educational allowances. 
This then starts the tax-on-tax 
gross-up phenomenon of expatri- 
ate taxation. This would be the 
reimbursing company’s total cost, 
which in the example of Spain is 
also $45,455. 

In an effort to reduce these costs, 
where they are reimbursed by the 
company, some human resource di- 
rectors of multinational companies 
are offering deals in which the ex- 
patriate agrees to pay the cost of a 
the private school in the home 
country and tbe company picks up 
the bill for tbe increased expense in 
the host country. 

Resource directors have thus de- 


vised the “home-country-educa- 
tion-cost deduction” and made 
their companies more cost-effec- 
tive while presenting mobility and 
equity. 

Kindergarten in Belgium can 
cost more than Harvard —if plan- 
ning measures are not taken. 

There are ways in many coun- 
tries to avoid the higher costs. For 
example: 

• France allows to an expatri- 
ate's children’s educational cost, 
which is paid to by a qualifying 
French headquarters company, to 
be exempt from personal income 
tax (although there is a corporate 
tax cost of 333 percent without 
gross-up). 

• Belgium allows to a complete 
exemption for school fees paid by 
the company to “qualifying” ex- 
patriate executives. 

• Japan allows for a complete 
exemption from personal tax if the 
educational costs are paid directly 
by the company. 


IWernaMnuJ Herald Tribone 

• Britain allows no income tax 
exemption, but does allow a social 
tax exemption if paid directly by 
the company. 

• Cana da may allow an exemp- 
tion to company-paid education 
costs based on a recent court case. 

• Australia allows a full exemp- 
tion, but only if fees are paid or 
reimbursed by the employer. 

• Germany allows for partial 
and certain exceptional deductions 
for education costs. 

• Holland allows a full personal 
tax exemption or deduction to 
qualifying expatriates who have in- 
ternational responsibilities. 

• Switzerland, in some cantons, 
allows for company contributions 
paid directly to educational institu- 
tions to be exempt from personal 
taxation. 

Jade Anderson is a tax and legal 
partner of Ernst & Young in Paris. 
He was assisted in this article by 
Diane Koonce. a tax consultant. 


School Costs Are Rising in Britain, Too 


By Aline SuDivan 


A 



SKED recently why the 
British spend less lavish- 
ly on luxuries than the 
Italians or the French, 
Philippe Leopold -Metzger, who 
was then the London bead of the 
French jeweler Cartier, had a ready 
reply: House prices and school 
fees. 

The cost of housing in southeast 
England has slumped sharply in 
recent years, but school fees contin- 
ue to soar. Over the past decade; 
school fees have consistently out- 
stripped the British rate of infla- 
tion. 

This is not only bad news to 
British parents. British private 
schools, known confusingly as 
“public schools,” attract pupils 


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from around the world. The Eng- 
lish language accounts for part of 
their drawing power, prestige for 
much of the remainder. Well ova a 
century after the Duke of Welling- 
ton asserted that the Battle of Wa- 
terloo was won on the playing 
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tinuing to rise, although the rate is 
slowing. 

Average fees for both boarding 
and day schools rose about 4 per- 
cent in the year ending in Septem- 
ber 1993, after increases of 83 per- 
cent the previous year and more 
than 12 patent in each of the pre- 
vious two years, said tbe informa- 
tion service’s deputy director, 
Richard Davison. Estimates for the 
current year are about 3 percent, he 
said. 

“Fees are rising at a slower rate 


now because schools have learned 
very rapidly that they cannot 
charge more than the market can 
bear,” said Mr. Davison. But the 
resilience of tbe market may owe 
more to the wflKngness of parents 
to make huge sacrifices for their 
children’s education than to the 
forbearance of schools in raising 
fees. 

Financial advisers say that par- 
ents are also starting to worry 
about university educations in Brit- 
ain. fit Britain, unlike the United 
States, university students cover 
most of their higher-education ex- 
penses through government grants. 
But grants have not kept pace with 
inflati on and British government 
^ministers have argued that students 
and their families should bear more 
of the load. 

So how do parents finance pri- 
vate educations in Britain? Accord- 
ing to a recent Isis survey, only 
about 30 percent make any ad- 
vance plans. Most struggle to pay 
fees directly from their salary ana 
other personal income. But this has 
become increasingly difficult as 
costs rise and families are starting 


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to acknowledge that some planning 
is necessary. 

Parents with the foresight to plan 
10 years in advance should invest 
on a monthly basis in a series of 
endowment policies, suggests las. 

A policy will mature in each year 
the child is at school The benefits . 
from these policies will usually be . 
exempt from personal income and 
capital-gains tax, unless they are 
discontinued. 

Particularly fortunate are par- * 
rats with lump sums to invest .. 
They can cut fees by as much as . 
two-thuds through bank savings or 
investment trusts, according to Isis. .. 
A capital sum can also be m vested 
in an educational trust, currently 
tax-free in Britain, or in advance to 
an individual schooL The latter ap- 
proach, known as school composi- ~ 
tion fees, provides a future dis- 
count on fees. 

“A lump sum put down at the 
time of tbe pupiTs entry to cover all 
or part of the likely fees might 
attract a reduction of some 15 per- 
cent of the fees covered,” according 
to Isis. “A lump sum put down four 
in advance could reduce fees 
as much as 50 percent.” 

Mr. Davison warned that educa- 
tion trusts and composition pay- 
ments may be difficult to transfer if 
parents opt to another school or 
leave the country. “But most plans 
allow you to use the money to 
anything you like if your plans 
change," he said. 

Advice on British school-fee 
planning is also available from in- 
dependent advisers Bain Clarkson ! 
Financial Services, Fraser Marr, 
Invest for School Fees, School Fees 
Insurance Agency, Towry Law Fi- 
nanrial Planning, Johnson Fry Fi- 
nancial Serivces and Whitehead & ; 
Partners. Insurance companies ac- 
tive in this field include Ecdeaasti- 1 
cal insurance Group, Equitable 
Life Insurance and London Life. 

Fewer options are available to • 
parents who have not been able to 
save in advance. Most attempt to ! 
pay fees directly out of their in- f ~ 
come, others turn to grandparents 
for help and some arrange for 
school fees to be paid out of loans ■ 
secured on their property. \ 



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INTERJNATIOIVAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 5-6, 1994 


■THE MONEY REPORT 1 



X 

• * 


School-Fee Investment Pi a !T 


School fees, currently $13,500 per vear k 
periods starting In Iwo years andagrt! S* r ^ fh/B ^ 9ar 

A tor Inflation (7.5% per year) Fees Jh ???" y6ar5 - Wto *ance ts made 
T monthly income. ^ ^ te from either capital or 


Total foes S&WM&sS.va e ^ 
required funding Funding 

*994 0 $|pp '™ ,a,p “ 

1999 0 ®’“® $129 ' 519 

*»•«> mm as 

1999 18.930 J'™ 

22 2S **.»&■ sm i.izo 

2000 21,826 J aftfi 

2001 23,515 ® £ 

«8 W.177 332 

2004 28.215 1Rn 

2005 31,405 gg 

2006 10,171 0 

Totals $237,258 S171.S22 $129,519 

Illustrated saving: Funding from lncome-565,623; tram capital-SI 07,739. 
Sounx: BDO Baxter Hainfyn — 


1^#: 

iifrfrW** 

wMm 


NOJSl 

policies 5J 

1 

1 


Funding from income 

Contract Start .5 to&t * N0.0* 

ctato policies 5 

5% growth rate 02/94 'Vvgpgfc - 1 

Generic Unit Trust 02/94 /':T,73§>^. 1 

Alternatively: 

5% growth rale 02/94 1 

Generic Unit Trust 02/94 • 1 

Generic endowment 02/94 ?. :; 353^ 3 

The generic endowment would provide life Insurance of roughly S39.000 
payable on the fust death. 



*!*1*0^ 


Funding from capital 

Contract 

5% growth rate 
Generic Unit Trust 


. No. of 
f* policies f< 


w§m 



Note: Ural trusts can be regarded as analogous to other ooHective investments 
including UCfTs, SICA Vs and other offshore funds. Alt the values shown are 
the estimated figures tor each contract as it matures in a given year, based on 
the LAITTRO growth rates. When Investments mature, the proceeds wil be 
placed on deposit until needed- 


rnicmukmal Herald Tribune 


Providing for Fees: Be Prudent, Act Early 

N SS *? buying the annuity that funds the fees as they rional chartered accountants firm, loans are an extremely expensiv 
tamiiy^ home, school anse. However, the money must be BDO Binder Hamlyn. way of funding fees. A cheaper a 


N EXT to buying the 
family home, school 
fees will probably rep- 
resent the single biggest 
investment for the majority of par- 
ents who want a private education 
for their children. Yet planning for 
this eventuality is all too often in- 
adequate. Research undertaken in 
Britain by the Independent Schools 
Information Service, or ISIS, has 
^own that 50 percent of parents 
only begin to consider 
this option some two years before 
the planned start date; and only 25 
percent plan payments of school 
fees in advance. 

With school fees in Europe aver- 
aging $13,000 a year and the total 
annual cost of a university educa- 
tion in the United States often top- 
ping $30,000, experts advise par- 
ents to plan at least five years in 
advance to make the most of in- 
vestment opportunities and to 
avoid the potentially disastrous 
scenario of funding future fees out 
of net income. 

Although there is a branch of 
financial planning devoted to 
school fees, Ok investment prod- 
ucts sold under the school-fee um- 
brella are usually standard invest- 
ment vehicles that happen to be 
suitable for funding school fees. 
The exception to tins is the educa- 
tional trust, which capitalizes on 
the charitable status and tax privi- 
leges of some British schools to 
reduce the overall fee burden. 

Under such a plan, a capital sum 
is invested in the trust and the pro- 
ceeds are used to buy a guaranteed 


annuity that funds the fees as they 
arise. However, the money must be 
used for school fees, otherwise you 
will lose the tax advantages and, in 
some cases, incur a penalty. 

“The up-front charges on many 
of these trusts may also cancel any 
tax gains you may have made” cau- 
tioned Angus Jones, account man- 
ager for the London-based inde- 
pendent financial adviser. Cape! 
Cure Myers. 

Off-the-shelf school-fee p lans 
tend to be insurance vehicles — 
typically, a series of life insurance 
policies whose investment payoff is 
either linked to a mutual fund 
(unit-linked') or a more conserva- 
tively managed style of “with-prof- 
il” fund (with a guaranteed annnai 
return). The policies are structured 
to mature for each year's fees. 

Endowment products are the 
standard response of many school- 
fee specialists. As most of the poli- 
cies sold in continental Europe and 
the United Slates tend to be 
straightforward insnrance products 
with little investment content, you 
may be persuaded to take out an 
endowment policy with an offshore 
British life insurance company. 
Onshore funds are generally con- 
sidered inappropriate for interna- 
tional clients because they are sub- 
ject to corporation tax, which is 
currently 25 percent. 

“The investment returns on umt- 
linked contracts have been very 
good in the past and comparable to 
the returns on unit trust invest- 
ments,” said Peter Lewiston, a 
school-fee adviser with Interna- 


tional chartered accountants firm, 
BDO Binder Hamlyn. 

Endowment products are not 
suitable for everyone. They may 
prove too rigid ii you are looking 
for a degree of investment flexibili- 
ty. “Once you have committed 
funds to a policy you will not be 
able to change your min d halfway 
through the contract term and 
channel the money into an alterna- 
tive investment," Mr. Jones said. 

There are a number of alterna- 
tive investment products on (he 
market which are not marketed 
specifically for school fees, but 
which are ideally suited to the pur- 
pose. Choice will depend on a num- 
ber of factors, including your gen- 
eral attitude to investment risk; the 
due date for school fees; other com- 
mitments and liabilities, such as 
mortgages or major credit card 
debts, and the desired method of 
funding, be it through income, a 
capital sum, or a combination of 
the two. 

“Cash deposits are the only in- 
vestment suitable to provide for 
fees in the short term as any other 
investment needs time to produce 
good results with a reasonable de- 
gree of security," said Mr. Lewis- 
ton. Options include such fixed- 
interest investments as government 
securities or international bonds. 

If you have very little spare capi- 
tal and school fees are doe in the 
next few years, yon may have to 
consider borrowing. No doubt your 
local bank wiD be more than happy 
to lend you the money provided 
you represent a good risk. But bank 


loans are an extremely expensive 
way of funding fees. A cheaper al- 
ternative would be 10 remortgage 
the family home. 

With five years or more to play 
with you can start considering eq- 
uity-based investments. Cash de- 
posits are used to cover the short- 
term fees to summer 1998 and unit 
trusts to cover the later fees. For 
the purposes of this Illustration, 
unit trusts can be regarded as anal- 
ogous to other collective invest- 
ments, including various offshore 
umbrella funds. 

The cumulative total of estimat- 
ed fees is $237,258. Funding from 
capital on the assumed growth 
rates would require a lump sum 
investment or $129,519, represent- 
ing an overall saving of $107,739. 
And funding from mcome would 
on the same assumptions require a 
total investment of $1 17,622, which 
represents a saving of $65,635. 

When you choose an investment 
vehicle for school-fee planning, 
most advisers win recommend that 
you invest in the currency of ulti- 
mate liability. “If you are paying 
school fees m dollars then make 
sure that the investment is dollar 
based to minimiz e any exchange 
risk," Mr. Jones said. 

Finally, any plan set up now 
must be reviewed annually to check 
that the allowance for inflation re- 
flects what is actually happening, 
otherwise you could be in for a 
nasty shock. Mr. Jones pointed out 
that in his experience school fees 
are invariably togher than original- 
ly expected due to inflati on and 
other increases. — B.W. 


After an MBA Degree? Consider Europe 


By Bariwra Wall 


L OOKING for an oppor- 
tunity to speed up your 
career advancement and 
increase your salary? 
Then a Master of Business Admin- 
istration degree — the famed MBA 
—may be the answer. 

The United States remains the 
single largest producer of MBAs — 
about 70,000 MBA degrees were 
awarded by American business 
schools in 1993, compared to 8.000 
in Europe. But business profes- 
sionals with several years work ex- 
perience are increasingly being 
drawn to high-profile managem ent 
schools in Europe, which purport 
to offer a broader international 
business education than their 
American counterparts. 

AuriHie Morel director of admis- 
sions at the Institute for Manage- 
ment Development in Lausanne, 
Switzerland, said: “American-stvle 
MBA courses are more geared to- 
wards recent graduates with little 
work experience, who are looking 
to specialize in a particular area of 
business, such as finance or mar- 
keting. Participants in a European 
MBA program will already have a 
specialization and several years 
work experience behind them, so 
the focus tends to be on general 
management skills with a global 
perspective." At the Institute for 
Management Development, she 
said, the average student age is 30 
compared to 26 in most American 
graduate schools. 

“There is also greater variety in 
the type of courses cm offer outside 
the United States;" said Roger 
Lewis, assistant director of admis- 
sions at the European Institute of 
Business Administration, known 
by the acronym INSEAD, which is 
based in Fontainebleau, France, 
just outside Paris. 

In addition to standard full-time 
MBA programs, students can opt 
for a course in which a balance is 
struck between work and study, or 
a correspondence course with a 
reputable institution such as the 
Hailey School of Management or 
Durham University, both in Eng- 
land, or Strathclyde University in 
Glasgow. 

“Distance learning has caught 
on in Britain during recent years 
and the institutions which special- 
ize in this teaching method are ex- 
periencing an extraordinary growth 
in interest from the United States. 


Asia and Eastern Europe.” said a 
spokesman for the Association of 
MBAs, based in London. “There is 
no time pressure on panripants on 
the programs and they can contin- 
ue to hold down a full-time job 
while studying for the qualifica- 
tion." 

A number of schools offer split- 
study programs, in which the stu- 
dent has the option of completing 
the MBA program at another 
school in Europe or in the United 
States. MBA students at the Uni- 
versity of Hartford Business School 
in Paris spend the first eight 
months of the course in Paris and 
the remaining four months at the 
university's campus in the Con- 


don in reality. Toe London Busi- 
ness School also concentrates on 
real-life management issues and 
problems, and field visits to busi- 
nesses and factories are an integral 
element in the course work. 

Schools in Europe have empha- 
sized the importance of group work 
for a number of years, but it is has 
only recently caught on in the Unit- 
ed States. Harvard Business 
School, for example, has just intro- 
duced group work on to its MBA 
program. And Columbia Universi- 
ty is introducing more team pro- 
jects in Its management courses. 

Full-time MBA courses taught in 
Europe are generally shorter that 
their American counterparts, last- 


Schools in Europe have emphasized the 
importance of group work for a number of 
years, but it is has only recently caught on 
in the United States. 


necticut state capital. Students ai 
any one of the 16 European Uni- 
versity campuses —located in eight 
countries— can transfer to another 
campus after each tens. And the 
Ecole des Haules Etudes Commer- 
dales in Paris, which offers a bilin- 
gual MBA course in French and 
English, and also offers students a 
term of study in one of 14 countries 
including Japan. Britain. Canada 
and the Uniuxl States. 

For many students, an added at- 
traction of European MBA pro- 
grams is the international flavor of 
the student bodies. “Our students 
learn as much from their peers as 
they do from the faculty," said 
Miss MoreL The Institute for Man- 
agement Development currently 
has 83 students on its MBA pro- 
gram, drawn from 31 nationalities. 
In American graduate schools, in- 
ternational students account for 10 
to 20 percent of the enrolment, ac- 
cording to a spokesman for the 
Graduate Management Admis- 
sions Council in California. 

While no two MBA programs 
are alike, one can expect teaching 
in such baric disciplines as ac- 
counting, economics, statistics, fi- 
nance and marketing. Students at 
INSEAD work together in small 
groups on simulated business pro- 
jects. The school’s stated objective 
is to develop patidpants' problem- 
solving abilities and to help them 
understand how corporations fenc- 


ing on average 12 months instead 
of the two years common in the 
United States. However, part-time 
programs can be strung out over 
two to three years. 

Entrance requirements vary, but 
the top management institutions in 
Europe and the United States will 
expect a good score in the Gradu- 
ate Management Admission Test 
and a measure of competency in a 
foreign language. INSEAD gradu- 
ates are expected to speak French, 
En glish and another lan g ua g e at 
the end of the MBA program. 

In the United Slates and Europe, 
tuition fees can range from less 
than $3,000 at state-supported uni- 
versities to more than $30,000 at 
private management institutions. 
Company sponsorship or a scholar- 
ship is dearly the most advanta- 
geous means of funding an MBA 
course, but the vast majority of 
students will have to fund fees out 
of their own resources. 

Some schools have special ar- 
rangements with financing organi- 
zations, and, as a result, students 
can often obtain loans at preferen- 
tial interest rates. The European 
University in Toulouse, France, 
has such an arrangement with the 
French banking group Credit Ly- 
onnais. The interest rate charged 
under the plan is currently 75 per- 
cent 

American students studying at 
accredited management schools 


outside the United States can apply 
for a low-interest federal Perkins 
loan. The current rate of interest is 
5 percent and no interest accrues 
while you are a student. Subsidized 
federal Stafford loans are also 
available, up to a maximum of 
$8 r 500 a year. The interest rate is 
variable, based on the 91 -day Trea- 
sury bill rate plus 3.1 percent, or 
about 6.4 percent currently. 

“As well as comparing costs," 
said a spokesman for the Graduate 
Management Admission Council, 
which a dminis ters the Graduate 
Management Admission Test, 
"prospective MBA candidates 
should look at a dmis sion stan- 
dards, faculty profile and graduate 
employment statistics when they 
are choosing a program." 

like the reputable schools in the 
United Stales, the Lop management 
schools in Europe have an impres- 
sive graduate employment record. 
INSEAD and the Institute for 
Management Development report 
that 80 to 90 percent of last year's 
MBA graduates have signed an em- 
ployment contract Both schools 
have close links with multinational 
corporations and an extensive 
al umni network, which, in part, ex- 
plains their hig h success rate. 

The only caveat is that American 
companies tend to favor MBA 
graduates from U^. -based man- 
agement schools. “If you intend to 
work for an American company," 
said Jean-Pi erre S alzman n. director 
of public affairs at the Institute for 
Management Development “you 
may be better off in terms of work 
prospects studying at an American 
campus.” 

Graduate schools in the United 
States are beginning to accept the 
need far broader-based MBA pro- 
grams, but the focus is largely 
geared towards the domestic econ- 
omy and American business phi- 
losophy. 

The spokesman for Graduate 
Management Admission Council 
pointed out that a growing number 
of American schools — notably the 
Wharton School of Management in 
Pennsylvania and Stanford Univer- 
sity in California — have attempt- 
ed to increase their intake of for- 
eign students and to adopt a more 
international outlook in their man- 
agement programs. But European 
schools seem to be setting the stan- 
dards in these areas and are cer- 
tainly worth investigating if a glob- 
al business perspective is your 
ultimate goal. 


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ENTERS ATTONAL HERALD TRIBUNE, SATITODAY-SUNDAY, MARCH 5-6, 1994 


ADVERTISEMENT 

INTERNATIONAL FUNDS 


March 4, 1994 


niwftrnnn nTT*-* l -r «-— *• "■*— 1 Funds tetwtwittthoaxeaption el soiMiiaalMtasqdonbauc prfaa. 

The (sYcretwow*** {f). nv ^|t].Mc. W «ktr.|>n>- «■*»». 



d LOlm Am Ml cn USD A (Dlv)S 25.25*8 

rf Urtln America USD B (Cap)S 253548 
J North America USD A IDtv IS 166796 
tf North Amur USD B (Can) _S 166796 

BANQUE SCANDINAVE EN SUISSE-GENEVA 
wlnteibond Cht— — 4F &*** 

• inMsecChf SF 22600 

wSwissfundChi 5F M741 

BANQUE SCS ALLIANCE-CREDIT BANK- 
(41221 244-12BJ, Geneva 

w Pleimfc North Am Eaullta 3 I0aff> 

w Pie mac Europe Equities — Ecu 13*70 

* PWtade Asia Padflc Eq — s 9338 

w Pletade Environment Eq — A WA9 

k- PichxJo Dollar Bomb S 101 48 

w Plelade ECU Band* .Ecu 1ML71 

ir Plelade FF Bomb FF 10637 

w Pietode Euro Cmrv Bonds ^SF 99.10 

iv Pletade Doltor Reserve S 10030 

•v Pietode ECU Reserve Ecu 10148 

vrPleloaeSF Reserve. SF 10133 

w P lei ode FF Reserve FF 101 78 

BARCLAYS 1NTL FUND MANAGERS 
Hong Kona. Tel: (6521 8261900 

tf Chino (PRC) i 10.140 

d Hone Kona S 41.172 

d Indonesia S 15J*B 

d Japan S 10.103 

d Korea s 13470 

d Malaysia S 27483 

d Philippines S 27-2U 

d Singapore S 17366 

d Thailand 5 34400 

d South East Asia 5 3*469 

BDD GROUP OF FUNDS 

IV ODD USS Cash Fund I 

ir BDD Ecu Co* Fund Ecu 

iv BDD Swiss Franc Cash 5F 

iv BDD Int. Band FuntWJSS — S 
w BDD Hit. Bond Fund-Ecu —Ecu 
w BDD N American Equity FdJ 
iv BDD European Equity Fund Ecu 
m8 DO Aslan Equity Fund— J 

m BDD US Small Cap Fund 5 

w Eurotinanciere Fined Inc— FF 

wEurofinMuin-CvBd Fd FF 

BELINVE5T MGMT (GST) LTD 

w BeUnvwt-Brazll _S 130746 

iv Beilnvest-Gtebot S 1<J713> 

» BM Invest- Israel 1 92240 

v* BolInveri-MulllDaiid S 107631 

w BaUnvesr-Superiar $ 108122 

BNP LUXEMBOURG 
INTER CASH 

t France Manetalre FF 14636J7 

I France Seainte FF 174S9A4 

/ Inter Cash DM DM 772198 

I I filer Cash Ecu. Ecu 187837 

f Inter Cash GBP c 1*4947 

I Inter cash USD S 123343 

f inter Cash Yen Y 165109 

INTER OPTIMUM 

IV Infcrbond USD s 143246 

H-BEF/LUF BF 10693*40 

w MultMevtas DM DM 302257 

w USD i 1357.44 

w FRF— — FF 1567649 

iv ECU- — Ecu 1244.12 

INTER STRATEGIE 

- A.«frnlm c 125256 

iv France. FF U15135 

iv Europe du Nart, t 129939 

*v Europe du Centre DM 2746.76 

w Europe du 5ud ECU 94172 

» Japan — Y 121151 

w Amerloue du Nam— — » 1500.14 

n' Sud-Est Aslallque S 168144 

tv Global 5 333.13 

BUCHANAN FUND LIMITED 

c-6 Bon* of Bermuda Utt: t«9) 2954000 

I Global Hedge USD i 1198 

t Global Hedge GBP c 1443 

I European & AitanMc $ 1142 

I Pod tic S 14JD 

I Emerging Markets S Ti-ts 

CAISSE CENT RALE DES BANQUE S POP. 

d Fructllu* - ODL Fses A FF 1549 47 

d Fructllu* - Obt Euro B Ecu 155704 

w Fructllu*- Actions FsesC-FF 951258 

d Fructtlux- Adlans EuraD. Ecu 17SL41 
tf Fruchlur - Court Twine E_FF 847SJ4 
d Fructllu*. - O Marl! F DM 1067X2 


AS - Australian Doflsra; AS-AusI 
LH - Itaftan Ura; UF ■ Luxembmirg 
rftrtCo mi iiunfcatBd: Q-WeYcS - 
a > mtsquotBd earten x*noi redst 


Divers! flees FF 12949 

d Actions Nprd-Arrrrtco tn es -5 23J8 

tf Actions Jtmonafses — Y 192944 

d Actions Analolses ... ..C 1*73 

tf Actions Alfemandes - D M 3843 

d Actions Franceses— FF 14931 

d Actions Esp. A Part Pta 361)47 

0 Actions llallennes Ul 32734.16 

d Actions Bossln Padftawe — S 36JM 

d OWla Inti Dlverslflees FF 12S58 

d OHIo NavdhAmerlcotncs — S 1941 

d Obllg Japanolses - Y 230425 

d ObUqAngtelses c 1344 

d Obtlg Aliemandes — PM 3944 

d Mia Francoises — -FF 15445 

d Otriig Esp. & Pad Pta znsjn 

d OWkj Convert, intern. FF 15634 

d Court Terme Ecu —Ecu 2172 

d Court Terme USD 5 1736 

d Court Terme FRF FF 140J32 

CREDIT COMMERCIAL DE FRANCE 

d Elysees Monetalre FF 8887331 

d Sam Ad leash USD B S >09846 

CREDIT SUISSE 

d CSF Bonds SF 

d Band Valor SwI 5F 

d Bond valor U5 - Donor s 

d Bond Valor D-Mark DM 

d Bond Vatar Yen Y 

d Bond Valor cstertlnB £ 

d Convert Valor Swf SF 

d Canveri Valor US- Dollar J 

d CSF Intemotlonai SF 

d Actions Sulsses SF 

d Euroaa Valor SF 

d Enersle - Valor S F 

d Pacific - Volar SF 

dCS Gold Valor S 

d cs Tlaer Fund ■ ■ ■ — s 

a CS Ecu Bond A Ecu 

d CS Ecu Band B Ecu 

dCS Gulden Bond A FI 

d CS Gulden Band B n 

rfCSHtamw Iberia Fd A Pta 

d CS Hlwano Iberia Fd B Pta 

d CS Prime Bond A DM 

d CS Prime Bond B DM 151 

d CS Eufopo Bond A DM 344. 

d CS Europe Bond B DM 

d CS NelheritsKb Fd A -PL 

d CS Fixed I SF 7% 1/96 SF 

d CS Fined I DM 8b 1/96 DM 

d CS Fixed I Ecu 8 a/4% 1/96-Eaj 

d CS Swtas Franc Bond A 5P 

dCS Swiss Franc BandB SF 

d CS Germany Fund A DM 

d CS Germany Fund B DM 

d CS Euro Blue Chip* A DM 

d CS Euro Blue CMMB DM 

d CS Short-T. Bond s A s • 

d CS Short-T. Band SB 3 

d CS ShOrt-1. Bond DM A DM 

d CS Short-T. Band DM B DM 

tf CS Money Market FdS s 

d CS Money Market Fd DM— DM 

tf CS Money Market Fd£ 1 

d CS Money Market Fd Yen_Y 
tf <3 Money Market Ft) Ci_CS 
tf CS Money Market Fd Ecu—Ecu 
dCS Money Market FdSF — SF 
d CS Money Market FdHFI_Fl 
tf CS Money Market Fd Ut —Lit 
tf CS Money Market Fd FF — FF 
tf CS Money Market Fd Pto— Pta 
tf CS Money Market Fd BEF-BF 

tf CS Oeko-Protec A DM 

d CS Oefco-Prutec B —DM 

d CS North- American A S 

d CS North-Amerkan B S 

d CS UK Fund A 1 

d CS UK Fund B 1 

d CS France Fund A FF 

d CS France Fund B FF 

tf CS Eurareai DM 

tf CS Holy Fund A Ut 

d CS Holy Fund B_ Lit 

d CS Netherlands Fd B fl 

tf C5 FF Bond A FF 

d CS FF Bond B FF 

d CS Capital SFR 2000 SF 

d CS Capital DM 2000 DM 

tf Cs Capital DM )9«7 DM 

tf CS CBMIal Ecu 2000 Ecu 

d CS Capital FF 2008 FF 

d CS Japan Megatrend SFR—SF 
d CS Japai Megatrend Yon _Y 

d CS Partf IncSFR A/B SF 

d C5 Port! Ba) SFR SF 

d CS PorH Growth SFR SF 

d CS Portl Inc DM A/B DM 

d CS Partf Bal DM DM 

d CS Port! Growth DM DM 

d CS Portl Inc USS A/B S 

d CS Port! Bal USS S 

tf C5 Port! Growth USS 1 

d CS Eo Fd Emery Mkle S 

tf CS Eq Fd Small Cap USA— S 

d CS Ea Fd Small Eur DM 

DANIER HENT5CH GROUP 
Tet 41-22 708 68 V 

d DH Mo ior Markets Fund— SF 10720X0 

d Hent3Ch Treasury Fd SF 10888X0 

d Samurai Portfolio SF 32630 

DISCOUNT BANK GROUP 

w MutHcurr. Band SF 141146 

b Dolval Band -4 118830 

w Eumvd Ecnrily Ecu 1326X1 

w N. America Equity S 139846 

w Pacific Eoultv S 1318X2 

DIT INVESTMENT FFM 
d Concentre f . .....DM 51X9 

d Inn Rentenfond + DM 7431 

DUBINA SWIECA ASSET MANAGEMENT 
Tel : «oth 9*5 1«0 Fa* : (8091 MS 1488 
b HWtorhJrw Capital Carp— 4 1265036 

m Overlook Pertormance Fd— 1 22*5.73 

nt Pacific RIM OP Fd 5 11254 

EBC FUND MANAGERS (Jersey) LTD 
1-3 Seale SL St Heitor ; 0534-36331 
EBC TRADED CURRENCY FUND LTD 

d Capital — J 23378 

d Income S 1*442 

INTERNATIONAL INCOME FUND 
tf Long Term . » 313091 

d Lana Term - DMK DM 1074434 

EOUIFLEX LIMITED 

wCkraC/ North America —FI 1845 

ERMITAGE LUX IISM0733» 
wErml tape Seta Fond — , — S 67XB 

ir ErmHaae Aston Hedge Fd_S ill* 

tr Ermitaoe Euro Hedge Fd_DM 1378 
w Ermltooe Croebv Asia Fd_5 2142 

w Ermitaoe Amer Hdo Fd — -S 943 

w ErmHaae Enter Mkts Fd S 1642 

EUROPA FUNDS UMITED 

d American Eeultv Fund S 26949 

tf American Option Fund S 21193 , 

wASWI Equity Fd S 13537 

V* European Equity Fd S 123JS7 

EVEREST CAPITAL (809)2922261 

m Evwririt Capital inN Ltd S 136X3 

FIDELITY H4TL HIV. SERVICES (Lax) 

tf Discovery Fund 3 SL35 

tf Far East Fund. — . S 8112 

d FM. Amer. Assets S 30541 

tf Fid. Amer. Values IV S 1 16*71 J» 

d Frontier Fund S 3937 

tf Global I nd Fund t 2839 

tf Global Selection Fund S 2131 

a Inrernalkmol Fund— J 2040 

d New Europe Fund S 1150 

tf Orient Fund S 13059 

tf Pacific Fund I 41539 

tf Special Growth Fund S 41.16 

d World Fund S 120X9 


FIHMAMAGEMCNT SA-LngrawMUl/ZWH) 
iv Delta Premium Corn.. S 1T77X8 
FOX US BANK AX. 472 428 555 

w Scantonds inti Growth Fd-3 1-12 

FUND MARKETING GROUP (BID) 

PA. Box 300), Hamilton, Bermuda 

mFMG Global 131 Jan) S 15SJ 

ntFMGN.Amer.131 Jan) — S 13J1 

mFMG Europe (31 Jon)— S 11-75 

mFMG EMGMKT 131 Jon)— S !17< 

mFMG Q (31 Jan) S 11JB 

FX CONCEPTS (BERMUDA) LTD 
. nr Concents Fore* Funrt . S 10J5 

GAIA CURRENCY RINDS 

wGala Hedge n S 13837 

wGakt Hedge III 1M7 

wGoiaSwls5 Franc Fd.—. SF 5249 

iv GAIA F* S IMA 

ntGdfci Guaranteed CL I S 86X6 

m Goto Guaranteed CL II S 8645 

GARTMORE JNOOSUEZ FUNDS 02/IO/M 
Tel : (352)46 543(470 
Fax:(352)4654 23 
BOND PORTFOLIOS 

tf DEM Bo nd __n n 537— DM Ml 

d Diverband DI6 2X1 — 5F 3.16 

tf Doltor Bond— DIS2L28 S 149 

d European Bd Dtal.W— Ecu 130 

tf French Franc— DH 1942 FF 1135 

tf Global Band DbllB 1 246 

EQUITY PORTFOLIOS 

tf ASEAN S 846 

tf AstaPadfk: 5 *7B 

tf Continental Europe— Ecu 1.45 

tf Dryetaping Market* S 443 

tf FF 1178 

tf iwimiw PM 539 

tf International— — S 243 

tf — Y 27DX0 

d North America 3 249 

tf Switzerland—, SF 173 

d United Kingdom 1 141 

RESERVE FUNDS 

tf DEM—— Di* 547 DM 6311 

tf Dollar PI* 2X9 . —4 2.1*8 

tf French Franc FF I2i» 

tf Yen Reserve Y 2063 

GEFINOR FUNDS 

London : 071-4994171, Geneva : 41-22355530 

w East Investment Fund S 74748 

w Scottish Work) Fund S 471.9912 

w State SL American — — S 3*947 

GENESEE FUND LM 

w (A) Genesee Eoaie s 13349 

w IB) Genesee snarl > *6.16 

w IC) Genesee Opportunity— S 15676 

w IF} Genesee Non-Ecwltv — J 139.19 

GEO LOGOS 

w 1 1 Strotgftf Bond B Ecu 185230 

w II Pacific Bond B SF 1428X8 

GLOBAL ASSET MANAGEMENT 

OFFSHORE FUNDS 

11 Athol SLDoughB.1 of Mor 44-62 *-626037 

wGAMericn S *40.14 

w GAM Artfltroge S 391*9 

nr GAM ASEAN S *50-9* 

■v GAM Australia S 21973 

w GAM Boston S 3594* 

mGAM-Cargili Minnetonka— S 10636 

w GAM Combined DM 13737 

w GAM Cnm-Markel 5 10754 

• CAM European S 9245 

irGAM France FF 1989X8 

w GAM Frane-val SF a7X* 

wGAMGAMCO S 21742 

w GAM High Yield S 16146 

wGAM East Asia Inc. S 724.75 

WGAM Japan % bto.66 

w GAM Money MM* USS S l«L*0 i 

d Do Sterling t 100X3 

tf Do Swiss Franc SF 10065 , 

tf Do Deutschemark dm 100.97 1 

d Da Yen— Y 10013X0 , 

w GAM Allocated MIH-Fd S 17747 I 

W GAM Emery Mkts Mffl-FdJ 18749 | 

w GAMMltLEuroaeUSl S 1*440 ! 

W GAM Milt-Eurape DM OM 14442 

wGAMMIIHHobolUSS S 19041 

iv GAM Market Neutral S 11837 

w GAM Trading DM DM 13443 

w GAM Trading USS I 17158 

w GAM Oversea* S 19637 

nr GAM Pacific S 87334 

tv GAM Selection S 699.12 

ir GAM Slnaapare/MakiYMa_S m09 

■rGAMSF Saedal Bond SF 13107 

■vGAMTvctie 5 35772 

m GAM ILS. S 20570 

w GAMut Investments- S 81246 

w GAM Value S 136.18 

w GAM Whitethorn S 19446 

Hr GAM Worldwide S 6723* 

W GAM Band USS Ord JS 14548 

w GAM Bond USS Special % 200X8 

w GAM Bond SF SF 10*40 

w GAM Bond Yen — _y usitoo 

iv GAM Bond DM DM 12143 

wGAM Bands ( 167X1 

w GAM (Special Band t 1*747 

w GAM Universal USS S 162.13 

WGSAM Composite I 35775 

SWISS REGISTERED FUNDS *1-1-422 2626 
MuhietoachstraMe TOCH 803*Zur)eh 

tf GAM (CHI America _SF I5B679 

tf GAM (CHI Europe SF *9.18 

tf GAM (CHI Mondial SF 175649 

tf GAM (CHI Pad tic SF 288*31 

SEC REGISTERED FUNDS 

US Gael 57 rd Street* Y 10022312-8884200 

w GAM Eurnoe I 89.11 

wGAMGIObQl S 151X5 

wGAM International S 198X0 

wGAM North America S 87.98 

wGAM Pacific Bmbi S 1 BSlZ7 

IRISH REGISTERED DC ITS 
Eorblort Terrac&Dublln 1 353-1 -6760-630 
w GAM Americana Acc— DM 94.13 

wGAM Eurapa Acc DM 13645 

wGAM Orient ACC DM 16033 

IV GAM Tokyo ACC DM 17690 

wGAM Total Bond DM ACC— DM 11132 

wGAMllnivenaiOMAcc DM 18649 

GLOBAL CAPITAL MANAGEMENT LTD 
BenmidcRMQ*) 395-4000 Fox: <B0?) 2954188 
JWH GLOBAL STRATEGIES LTD 

w (C) Financial & Metals S 13933 

w(Dl KT Global S 97.12 

W IF) G7 Currency S B64) 

wlHI Yea Fmandal S 1674* 

w(J)Dlver*ffledRNcAdl S 11063 

w (K) Inti Currency 4 Band—S 10979 

w JWH WORLDWIDE FND—S 1730 

GLOBAL FUTURES 8, OPTIONS S1CAV 
mFFM Int Bd Progr-CHF OJSF 100X0 

GOLDMAN SACHS 

wGSAdl Rote Mod. Fd 1 1 S 9.86 

mGSGtobol Currency » 125847 

wGS Global Eouffy S 1245 

wGS World Band Fund J 1061 

wGS World Income Fund S 1007 

GOTTEN FUND MANAGEMENT 
w G. Swan Fund ——Ecu 13040 

GRANITE CAPITAL INTL GROUP 
w Gnmffe Control Eauffy— S 1XE0 

w Granite Capital Mkt Neutrals 1JM07 

w Granite Caattal Morigage-S 13144 

GT ASSET MANAGEMENT (IRELAND) LTD 
Tel: (44) 71 -710 45 67 

tf GT Aaron Fd A Shares S 

tf GT Asean Pd B Stare* s 

d GT Asia Funa A Shares S 

d GT Asia Fund B Shor es I 

tf GT Aslan Small Comp A ShS 
tf GT Aslan Small Comp BShj 
tf GT Australia Fd A Shores S 
tf gt Australia Fd B Shores-S 
d GT Austr.Small Co A Sh — * 29, 

d GT Audr. Small Co BSh — S 29, 

d GT Barry Japan Fd A Sh % 

d GT Berry Japan Fd B Sh — * 
d GT Bond Fd A Shores— — S 

d GT Bond FdB Shares S 

tf GT DoUar Fund A Sh S 3549 I 

tf OT Dollar Fund B Sh 8 3575 

d GT Emerging Mkts A 5h — S 2172 I 

d GT Emergbis Mkts B Sh — 5 
tf GT Em MW Small Co A Sh j 
tf GT Em Mkt Small Co B Sh J 
iv GT Euro Small Co Fd A Sh -S 
w GT Euro 5moH Co Fd B 5hJ 
d GT Hang Kong Fd A Shores S 
d GT Hang Kong Fd B Sham* 
d GT Honshu Pathfinder A ShS 
tf GT Honshu Pathfinder B Sh* 
w GT Jap OTC Stocks Fd A Sh* 
w GT Jap OTC Stacks Fd B ShS 
w GT Jap Small Co Fd A Sh— S 
w GT Jap Small Co Fd B Sh— S 

w G.T. Latin America Fd - s 

tf GT Strategic Bd Fd A 5h— 4 

tf GT Strategic Bd Fd B Sh S 

tf GT Teteamm. Fd A Sucres* 
d GT Telecomm. Fd B Shares* 
r GT Technology Fund A 5h_S 
r GT Technology Fund B Sh_S 
GT MANAGEMENT PLC (44 71 718 45 67) 
d G.T. Btotech/Heotth Fund-4 2*23 

d G.T. Deutschland Fund. % 11M 

d G.T. Europe Fund S 50X7 

w G.T. Global Small Co Fd S 2978 

tf G.T. Investment Fund S 2545 

wG.T. Korea Fund s 5X9 

wG.T.Nuwly indCountrFd-S 1678 

wG.T. US Small Companies S 2431 

GUERNSEY CAPITAL MANAGEMENT LTD 
f GCM Global SeL Ea.——S 1114* 

GUINNESS FLIGHT FD MMGRS (Gesey) Ltd 
GUINNESS FLIGHT GLSL STRATEGY FD 

0 Managed Currency -S 393* 

d Global Bona J 37X5 

d Global High Income Band _S 2339 

d Gift &( Bond i 1140 

tf Eure High Inc. Band C 23X9 

d Global Equity S 927* 

d American Star Chip S 28X2 

d Japan and Pad Be— -J 112.91 

d UK C 2747 

d European. . * 10776 

GUINNES5 FLIGHT INTL ACCUM FD 

d Deutschemark Money —DM 88.131 

tf US Dollar Moray — S 38.190 

d US DoJbr High Yd Basd — s 2352 

a Inti Balanced Grth— 4 36J7 

HASENBICHLER ASSET MANGT GgsjBbH. 

w Hasenbtohler Com AG S 5765X0 

w HaienUcMv Com Inc * 11742 

w Hasenijl enter Dhr S IIB4I 

WAFFT— S 1397X0 

HEPTAGON FUND NV (5999-615SES1 
f Heatooan GLB Find— 4 10530 

m Heptagon CMO Fund— S 10945 

HERMES ASSET MANAGEMENT LTD 
Bermuda: 1809)295 4000. Lwc:13S2MM 6*61 
Fkial Price; 

ntHermes European Fund— Ecu 37741 
m Hermes Horih American FdS 309.16 

m Hermes Aston Fund S 41041 

m Hermes Emera Mkts FimLS 14135 

m Hermes StnHegtes Fond S 809 30 


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ran^CS^^aSan ™ ‘ D&dsche Usrira; ECU - 

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m Heritm Neutral Fund S ifJJJ 

m Hermes Global Fund S 7K31 

m Hermes Bond Fund ~JEai 1316* 

m Hermes Sterling Fd „■ ( 1 WX9 

m Hernws Gold Fund. S 4397* 

INCOME PARTNERS (ASIA) UMITED 
nr Aslan Fixed InCumePd— 3 10.188 

I HTERINVEST (BERMUDA) LTD 

C/o Bank of Bermuda. Tel : 8092954000 
m Hedge Hog 4 Conserve FdJ 1185 

INTERNATIONAL ASSETS FUND 
l Bd Royal, L-3449 Luxembourg 

w Europe Sud E Ecu 19Q.11 

INTERNATIONAL MGMT INCOME FUND 

a Anwhjue du Nord S IRA 

tf Europe CohHtwwto DM JM 

d Italic-— Ut I0JB9X0 

tf ZooeAsoflque Y 10000X0 

INVESCO INTL LTD, POD 271, Jersey 

Tel: 44 534 73114 

d Maximum Income Fund — t MMD0 

tf StedlnoMna) Ptfl E 2-27*2 

d Pioneer Markets — c 

tf Okasan Gtabd Slralogy — S 174000 

tf Asia Super Growth S 25X100 

tf Nippon Warrant Fund S 2J6M 

tf Alia Tiger warrant 5 5.13® 

tf Euronewi Warrant Fund — S 33600 

tf Gtd N.W. 1994 S 94100 

PREMIER SELECT FUNDS 

tf American Growth 1 6.1700 

tf American Enterprise J llKP 

tf Asia Tiger Growth— S 1147W 

tf Dollar Reserve S 53S00 

tf European Growth 3 42200 

tf European Enterprise S 64300 

tf Global Emerging Markets-* 9X100 

tf Global Grawlh- S 5 Tffl 

tf Nlraian Enterprise 3 77700 

d Nippon Growth, s 5X300 

d UK Growth t 54700 

d Sterling Reserve 1 

tf North American Wamxil — S 5J40D 

d Grenier ChlnoOutJS S 7X100 

ITALFORTVNE INTL FUNDS 

wCkm A (Aggr. Growth IhilJS 78(03X0 

w Clan B (Global EauRr I S 11^5 

w ClanC (Global Bond) S KL99 

w Clan D ( Ecu Band) Ecu 11.10 

JARDINE FLEMING - OPO Box 11448 Hg Kg 
tf JF ASEAN Trust ■ ■ * 59.«8 

tf JF Far East Wrnt Tr 5 3*83 

tf JF Global Corn. Tr S 1SJF 

d JF Mono Kors Trust S 28 48 

d JF Japan Sm. Co Tr — Y 5«:75X0 

tf JF Japan Trust Y 13065JM 

tf JF Motoyskl Trust * 78.10 

tf JF Pori fie Inc. Tr. * 12X8 

tf JF Thailand Trust S 3673 

JOHN GOVBTT MANT (IJLM.) LTD 
Tel: 4442* -62 94 20 

w Gawett Man. Futures— c 134* 

w Govett Man. Fut. USS— X 939 

w Govgtt 5 Gw. Curr_ — — S 1339 

w Govett S GIB! Bal Hdge 1 11X780 

JULIUS BAER GROUP 

tf Baerbond SF 

tf Censor— SF 

tf Eautbaer America— S 

d Equlboer Europe SF 

d SFR -BAER SF 

tf Stockbar SF 

d Swtnbar SF 

d Lkurftw w r * 

d Europe Band Fund Ecu 

d Dollar Band Fund——* 

d Austro Bond Fund AS 

tf Swiss Band Fund SF 

d DM Bond Fund DM 

d Convert Bond Fund SF 

tf Glabaf Bond Fund DM 

d Euro Stock Fund Ecu 

tf US Stock Fund S 

tf Pn rifle Stuck Fund S 

tf 5vrtss Stock Fund. ■ SF 

d Special Swiss stock SF 

tf Jopan Slack Fund — Y 

d German Stock Fund DM 

tf Korean Stuck Fund S 

tf Swiss Franc Cash SF 

tf dm cam Fund dm 

d ECU Cosh Fund Ecu 

<f Sterling Cash Fund c 

d Dollar Cash Fund— 1 

d French Franc Cosh. - FF 

w Muttiadvbor Forex Fd * 

KEY ASSET MANAGEMENT INC 

m Key Global Hedge 5 18937 

m Key Hedge Fund Inc.—.. » 167X7 

m Key Hedge Investments. * I«i9t 

KIDDER, PEABODY 

b Chesapeake Fund Lid S 269045 

bill Fund Ltd s 10*000 

b inn Guaranteed Fund— * 12B620 

b Stonehenge Ltd 5 164118 

LATIN AMERICAN SECURITIES 
Tel : London 07i 63 1234 
d Araenttnloi Invest Co SlcavS 2691 

tf Brazilian invest Co Sicov— s 3273 

iv Colombian Invest Co Slcnv-S 1613 

w Latin Amer Extra Yield FdS 11593) 
tf Lathi America Income Cn_S 1002 

tf Latin Amerkai Invest Co— S 1)73 

tf Mexican Invest Co Sicov — s 4*77 

w Peruvian Invest Co Slcav—S 1279 

LEHMAN BROTHERS 

tf Aslan Dragon Port NV A — S 10X1 

tf Aslan Dragon Port NV B — S 10X1 

tf Global Advisor* 1 1 NV a — s 
tf Global Advtaors ii NV B — S 
d Global Advisors Port NVAJ 1132 

tf Global Advisors Pori NV B J 1137 

tf Lehman Cur Atfv. A/B S 847 

tf Premier Futures Adv A/B-S 945 

UPPO INVESTMENTS 
M/F Uppa Tower Centre, 89 OueenswayJIK 
Tel (B521 8676888 Fax (852) 596 0)88 

w Java Fund — S 1077 

wAsean Fixed Inc Fd_J 9X1 

w i DR Money Market Fd s 1234 

w USD Mongy Market Fd S 1(164 

Wlndaneslan Growth Fd— 5 22X3 

w Aslan Growth Fund 5 1157 

w Asian Warrant Fund S 671 

LLOYD GEORGE MNGMT (852) 8(54432 
w Antenna Fund — — 5 18x2 

w LG Asian Smaller Cos Fd — * 20X663 

w LG India Fieri LM— — — S 162* 

LOMBARD, ODIER A Cl E - GROUP 
08UFLEX LTD (Cl) 

tf Multicurrency. - — . — . — S 3356 

tf Dollar Medhjm Term— S 2546 

d Dollor Long Term. * 2135 

tf JcpanenYen Y «»J*s 

rf Pound Sterling— — c 283* 

tf Deutsche Mark .. .DM 1770 

tf Dutch Florin FI 189* 

tf ny Euro Currencies Ecu 16X1 

d Swiss Franc SF 1342 

tf IIS Dollar Short Term . s 12X3 

tf HY Euro Cure Dlvld Pay —Ecu 11.90 

d Swiss Muftlcurreocy— — 5F 1738 

tf European Currency Ecu 22X7 

d Belgian Franc BF 13838 

tf Convertible S 1545 

tf French Franc— ——FF 163.7' 

tf Swrts Multi-Divklend SF KUO 

d Swiss Franc Short-Term — SF 106X0 

tf Canadian Dollar CS 1*1] 

tf Dutch Florin Multi Ft 157 a 

tf Swiss Franc Dlvld Pav SF 1100 

tf CAD Muillcur. Dfv CS 1148 

d Mediterranean Curr—SF TLO* 

d Convertibles SF 1836 

MALABAR CAP MGMT (Bermuda) LTD 

01 Malabar Inn Fund S 12.17 

MAN INTERNATIONAL FUTURE5 
mMInf Limited -Ordinary — s 49.17 

mMhit Limited- income S 1*74 

mMhilGM Ltd -Spec Issue— 3 30.1? 

mNUntGMLM- Nov 2002 S 2*99 

mMIntGWLM- Jon 1994 S 2114 

m Mint GW Ltd- Dec 199* s 1947 

mMInlGId LW -Aug 1995— * 1635 

mMhit Gtd Currencies — * 1031 

m Mint Gld Currencies SWI — S 1045 

mMJnl Sp Res Lid (BNP) S 11872 

m Athena GW Futures S 12X3 

/n Athena Gtd Currencies S 93 

m Athena Gtd Fbienciafs (nejs 1857 

m Athena Gld FlimdalsCapX 1149 

fflAHL CocHtat MMs Fd S 123* 

mAHL Commoatty Fund — _S T(U5 

mAHL Currency Fund S 934 

ot ahl Real Time Trad Fd — * 19.18 

mAHL Gtd Real Time Trd s iiu) 

mMop Guaranteed 1996 Lld_S 9X6 

m Mop Leveraged Recov. Ltd 3 11X5 

m MAP Guaranteed 2000 * 1)42 

mMInt G GL Fin 2033 J 1X3 

MARITIME MANAGEMENT LTD 
73 Front SI Hamilton Barmudo 1809)2929789 
w Maritime Mu-Sector I Ltd JS 1WX80 

nr Maritime Gfcs Beta Series «* .905X0 

w Maritime GUDeHo Series 3 88543 

w Maritime GOD TauSerie6_S 579X9 

MATTHEWS INTERNATIONAL MGT 
EMERGING ASIAN STRATEGIES FUND 

oiCtaHA S 120X9 

d Class B s 119.16 

MCKINLEY CAPITAL PARTNERS LTD 

mThe Corsolr Fund Ltd S 12440 

MEESPIERSON 

Rofcln 5S. 101 2kt Amsterdam ( 2B-S21 1 188) 
w Asta Poc. Growth Fd N.V.—S *237 

iv Aslan Capital Hotdfngs S 6143 

w Aston Sated km Fa N.V Fl 1)9X9 

ir DP Amer. Growth Fd MV. JS 3675 

w EMS Oflshore Fd NV Fl 11039 

w Europe Grawlh Fund N.V._FI 67X7 

w Japan DlversHtod Funa s 5699 

w Leve ra ged Cop Hold. S 6*12 

w Tokvo Pol Hold. N.V. — _S 24849 

MERRILL LYNCH 

rf Dollar Assets Portfolio— s 100 

d Prims Raw Portfolio.. . . ..s 1000 

MERRILL LYNCH SHORT-TERM 
WORLD INCOAAE PORTFOLIO 

d Class A S 846 

d Class & S 846 

MERRILL LYNCH 

GLOBAL CURRENCY BOND SERIES 
AUSTRALIAN DOLLAR PORTFOLIO 

d Category A_ as 18X0 

d Category B AS 1840 

CANADIAN DOLLAR PORTFOLIO 

d Catenary A CS 1449 

tf Category B CS 1439 

CORPORATE HIGH INCOME PTFL 

tf CWSSA-I. S 10X8 

tf Class A-2 S 1035 

tf Class B-l S 1806 

XCJOPM S 1833 

DEUTSCHE MARK PORTFOLIO 

d Category A DM 12.99 

tf Category B DM 1271 

EUROPEAN BOND PORTFOLIO (DM) 

tf Class A-t — S 1536 

tf GkHBA-? S 163* 

^WS£ra;: a " Ftei " ; I 


d Cl CSS EH J 1536 

tf CkcaB-2 -.3 14X3 

EUROPEAN BOND PORTFOLIO (USS) 

dClQSSA-l. DM Ml 

d Class A-2 DM 10X4 

tf CI0» B-l — .... s 9.91 

tf C!css B-2 - — S 1048 

POUND STE RLING PORTFOLIO 
tf Category * - { 1627 

tf Cgtcsory B £ 1604 

US DOLLAR PORTFOLIO 

tf Category A 3 13X0 

tf Category B S 1148 

YEN PORTFOLIO 

tf Category A. Y 1283 

tf Category B Y 1256 

MULTI CURRENCY BOND PTFL 

tfCtoaA S 22X5 

tf Class B J 22X5 

US FEDERAL SECURITIES PTFL 

tf Class A 5 975 

tf Class 3 5 1027 

MERRILL LYNCH 

' EQUITY/ CONVERTIBLE 5ERIES 
BASIC VALUE PORTFOLIO 
rf Class A « I *X3 

tf OCS5B S 1*23 

CONVERTIBLE SECURITIES PTFL 
dOMSA. 9 1*46 

rf CkBS B S 1*18 

GLOBAL ALLOCATION PTFL I USS) 

tfOresA S 1850 

tf Class B S 1045 

GLOBAL EQUITY PORTFOLIO 

tf Class A 5 10X2 

tf Class 8 S 949 

EURO EQUITY PORTFOLIO 

tf CkwsA * lit] 

tf Class B S 111* 

LATIN AMERICA PORTFOLIO 
d CinrntA s 1649 

tf CkBS B 5 1629 

WORLD NATURAL RESOURCES PTFL 

tf Class* S 12X6 

tf Class 8 S 1149 

DRAGON PORTFOLIO 

d Class A « I6J0 

a Class 0 S 1609 

MERRILL LYNCH INC I PORTFOLIO 

d Class A S 936 

d Class B , . . ..s 93 a 

tf Class C i 936 

MERRILL LYNCH MEXICAN INC PORT 

d Mexican mcSPttl CJ a S HUB 

rf Mexican IncSPtfl CT B s HUB 

tf Median Inc Peso PHI DA4 947 

d Mexican Inc Peso Pttl Cl B 4 947 

MOMENTUM ASSET MANAGEMENT 
w Momentum NavglUcr Pert_S 10 Ul 

m Momentum RoM»w Fd S 140X2 

m Momentum r*r rjj s 961? 

MORVALVONWILLER ASSET MOT CO 
w Wlltertunds-waiertiond Caps 1578 

wWIHvrfundtMUIIertiand Eur Ecu 1276 

wWIHerfunds-Wlllereq Eur —Ecu 1*53 

w Wlllerfunds-VYlflereq liatv-Ut 13228X0 

w WiHerfunds-Wtllereq HA S 11X0 

MULT (MANAGER N.V. 

w Cash Enhancement J 1039 

w Emerelng Markets Ftt_ S 2406 

w European Growth Fd Ecu 1611 

■■Hedge Fund I 1342 

« Japanese Fund Y 865 

wMorket Neutral S 1171 

w World Bond Fund Ecu 1298 

Nl CHDLAS-APPLEGATE CAPITA L MOT 

IV NA FlexMe Growth Fd S 1523229 

wNA Hedge Fond S 11346 

NOMURA INTL- (HONG KONG) LTD 
tf Nomura Jakarta Fund— JS 8X5 

NORiT CURRENCY FUND 

mNCFUSD S 82895 

IBNCFDEM DM 89549 

m NCF CHF -S F 92*79 

/ItNCF FRF FF 4460X8 

mNCFJPY Y 826K0O 

mNCFBEF BF 270000 

ODEY ASSET MANAGEMENT LTD 
71 Gfasvenor St.Ldn WIX 9FE44-7J-W9 29W 

tf Oder European DM 17213 ! 

wOdey European s 

wOdev Euroa Growth Inc— J3M 157X3 

w Oder Euron Growth Acc— DM 15841 

w Odev Eura Grth Sler Inc E 6234 

wOdev Eura Grth Ster Acc c 6257 

OLYMPIA CAPITAL INTL. INC 
Williams House. Hamilton HMit. Bermuda 
Tel: 8W 292-1 DU Fas: 88 9295-2)05 

w Finsbury Group S 22251 

w (h vmpia seavite 5F SF 17331 

ivOlvmpla Stars Emery MklsS 1 074X8 

wWInrii. Eastern Dragon s 183) 

w Winch. Frontier S 3U5D 

w Which. FuL Olympia Starts 1*841 

w Winch. Gl Sec Inc PI (A) S 8X7 

w Winch. Gl Sec Inc Pi IC) S 9.W 

w Winch HMg Inti Modlson_Ecu 146*23 

w Winch Hide Inf I Ser D Ecu 172*70 

* winch HMg urn SerF Ecu 1 70948 

w Winch Hldo Olv Star Hedges 123860 

iv Which Reser.MiifiLGvBdJ 21X1 

w Winchester Thailand—— 4 3231 

OPTIMA FUND MANAGEMENT 
73 Fronl SL HamllloaBemKida 8092958658 

iv Optima Emerald Fd Ltd S 10X5 

w Optima Fund S 1845 

iv Optima Futures Fund S 1747 

ivOotimo Global Fund I 14X6 

w optima Pertcuta Pd Lid S nun 

w Optima Short Fund S 628 

PACTUAL 

tf Eternity Fund Ltd S 3064333 

tf infinity Fund Ltd S 488X441 

tf Star High Yield FdLM S 1222180 

PARIBASGROUP 

» I nin r - -i- , - n rr ^-r- 3 836 

tf Parvest USA B S 2*90 

tf PorvestJooonB V 583200 

d Parvest AstaPadlB S 75X1 

rf Parvest Europe B Ecu 2636 

tf Porvesl Holland B Fl 1488* 

tf Porvesl France B FF 1327X2 

tf Parvest Germaty B— DM 59403 

tf Porvesl O&M-DtflorB S 182554 

d Parvest ObU-DM 8— OM !B96«0 

tf Parvest Obt I- Yen B V 16108500 

d Parvest OMI-GuHen B Fl 163815 

tf Parvest Obh-Franc B FF 2)0657 

tf PcrvestOWI-SterB £ 16803 

tf Parvest ObU-EcuB Ecu 137.15 

tf Parvest OMl-BelmB LF 1723800 

tf Parvest 5-T Dollar B i 119.91 

tf Porvesl 5-T Europe B Ecu 1300* 

tf Parvest 5-T DEM B DM 5*830 

d Porvesl S-T FRF B FF 180148 

tf Porvesl S-T Bet Plus B BF 10427X0 

d Porvesl G label B LF 802100 

tf Parvest int Bond B s 21X6 

0 Parvest OMt-Ura B Lit 53411 2X0 

tf Parvest lot Equities B— — S 11206 

PERMAL GROUP 

/ Commodities Ltd S 1DO601 

t Drokkar Growth N.V 1 306837 

t Emerging Mkts Hldgs S 987X1 

t EuroMIr (Ecu) LW_ Ecu 180573 

t investment Hldgs N.V I 139046 

1 Medio 8 Communications—* 1109.97 

f Noscol Ltd S 1781.92 

PICTET 61 CIE - GROUP 

w P.CF UK Vol (Lux) r 67.11 

wP.CFGerenaval(Lux)— — DM 9*29 

■rPJlF Noramva) (Lux)— S 2?XB 

W P.CF valibw (Lux)^ Plus 10387X0 

w P.CF Valhalla (Lux) Lit 10931100 

w P.CF Vaifrance (Lux) FF 1)6336 

iv P.UT 1 . Volbond SFR (Lux) -SF 29698 

m P.U J=. VaRxmd USD (Luvl JS 234X7 

w P.U.F. Volbond Ecu ILux)_Ecu 18882 

w P.U.F. Volbond FRF (Lux).FF 98935 

w P.U.F. VaOrand GBP (Lux)_t 97X9 

w P.U.F. VaBiand DEM (Lux) DM 299X3 

iv P.U.F. US 8 Bd Ptfl (Lin)— 5 10256000 

wP.U^.MadOtFd- Ecu 1»X2 

w P.U.T. Emery Mkts (lux)— S 20675 

w P.U.T Eur, Oaport (Lux) Ecu 15244 

b P.U.T. Global Value I Lin) -Ecu 15*75 

iv P.U.T. Euroval (Lux) Ecu 23118 

tf Plriet Vofcutsse (CH ) SF 681.10 

mlnfi Smalt Coo (tOM )_ — 5 494X1 

PREMIER INVESTMENT FUNDS LTD 
c/o p.a Box 1108 Grand Cayman 
Far: (109) 9*9499] 

m Premier US Equity Fund — S 12*801 

m Premier Eq Risk Mgt Fd—J 1290J6 

m Premier inll Ea Fund— 5 1387X9 

ra Premier Sovereign Bd Fd_J 152871 

m Premier Global Bd Fd— S 151893 

m Premier Total Return Fd— S 132177 

PUTNAM 

tf Emerging Hftn Sc. Trust S 4112 

ir Putnam Em. tnta Sc. Trusts 41X4 

d PumomGMtL HhmGrawtnx 17X9 

tf Pumom High Inc. GNMA FdS 8X7 

tf Putnam Inn Fund i 154* 

QUANTUM GROUP OF FUNDS 
w Emerging Growth Fd N.V.-S 291X3 

w Quantum Fund N.V.—S 71887X3 

w Quantum Realty Trust S 13471 

w Quantum UK Reohv Fund_I )C5M 

w Quasar Inn Fund N.V— S 213X1 

w Quota Fund N.V. 1 211X0 

QUARRY MANAGEMENT LTD 
Telephone : 809 - 9*9^0513 
Facsimile : 809 - 949-8062 

tf Anas Arbitrage Fd Ltd s 9839 

tf Hewer Is Fund LM S 10050 

rf Meridian Hodge Fd ud s/s 5 10149 

tf ZonINi Fund LMs/s — — J 8663 

REGENT FUND MANAGEMENT LTD 

» New Korea Growth Fd S 12X6 

» PdcIHc Arbitrage Co— . — 5 942 

n> Regent Leveraged Fut Fd_J 81.78 

tf Regent GIN Am Grit) Fd 1 61884 

tf Resent GtM Eura Grth Fd_s 34783 

d Resent Glbl Resources % 2JM3 

tf Regent Gw Intt Grth Id s 233H 

rf Regent Glbl Jon Grth Fd S 3X151 

tf Regent GBK PocH Basin — S 44U7 

tf Reaont Glbl Reserve — 3 2.K77 

d Regent Obi Tlaer S 34668 

tf Regent Glbl UK Grth Fd S l.«J72 

m PX. Country Wml Fd S 26746 

w Undervalued Assets Seri— 3 1U* 

tf RegenJ Sri Lgnko Fd S 14.11 

m Reaeni Pachic Hdg Fd 1 1114177 

ROBECO GROUP 

POB 9753000 AZ Rotterdam, (31 H0 22*1224 

d RG America Fund Fl 15000 

tf RG Europe Fund Fl 131.50 

d RG Pcciflc Fund Fl 14658 

tf RGDlvlrente Fund — Ji 5*50 

tf RG Money Plus FFL Ft 1TZ55 

tf RG Money Plus F S t 10151 

d RG Money Plus F DM DM 11079 

tf RG Money Plus FSF SF 106X7 

Mare Rabeeo see Amsterdam Shacks 
ROTHSCHILD (GROUP EDMOND DE) 

IN-HOUSE FUNDS 

iy Aslan Capital HoMbigs Fd-J 6156 


i wDoheoLCF Rcttisctijtl bd -S JIM79 

w Dotwa LCF ftnttHCft Ea 5 113*77 

wFgrot Cash Treatta CHF JF 1829836 

I 5 2J4262 

I » Leveraged Gb» Holdings S 6*12 

I ft Pri QnUenge Swiss Fc SF ITS3X4 

l ft Prleaottv Fd-Europe Era 12BX« 

ft Prirtrdty Frf-Helvet« SF 118X57 

p 6 PrieauHv Fd-Latln Am S 155X56 

i ft PribondFumEcu— — Ecu 1Z7X78 

ft Prlfiond Fund US) 5 11*757 

I ft PrlftandFdHYEmcrMklsX 119529 

i wSetaetfwinvesfSA S J7W« 

ft Source 8 WXJW0 

f w US Band Plus 3 9*5718 

i Wmiaatus Ecu 115SD7 

ROTHSCHILD (GROUP EDMOND DE) 
OTHER FUNDS 

tf Ado/ Jason Enterg. Growths 18.11380 

w Esorfl Eur Parin tare Tit Ecu 14*039 

wEurooStraJeg irnrestm 106480 

ft Integral Futures— —S 98072 

ft Osttgest Global Fd General DM 
ft Ost'igest Global Fix Income DM 
tf Padflc Nils Fund 
iv Pennaf drakkar Growth NY5 

t Selection Harem FF 

ft Vicfoire Armne. s 5120.76 

ROTHSCHILD ASSET MGMT (Ul LTD 

mNcmrad Leveraged Hid 5 978X1 

5AFDIE GROUP/KEY ADVISORS LTD 
mKey Div er s ifi ed IncFB UcLS 1146802 

SAFRA REPUBLIC HOLDING 

l» Republic GAM 9 15049 

nr Republic GAM America S 12*02 

w Reg GAM Em Mkts Global JS 15581 

iv Rep GAM Em Mkts Lot Ami )26£fi 
wReowbUc gam Europe SF_Sf 1306* 

w Republic gam Euraae ussx n*JB 

w RasubOc GAM Grwth CHF JSF 115X7 

iv Reotibfic GAM Growth ( I mM 

w Republic GAM Growth USSX 16144 

w Republic GAM Oono riunlfy 5 11842 

iv Republic GAM Pacific s 15777 

w Republic Gnsey Dai Inc s ULo) 

w Republic Gnser £ur Inc OM 1061 

nr Republic Lot Am Alloc S 10540 

iv Republic Lot Am Argent. s 102X9 

w Republic LoJ Am Brazil— 4 11099 

w Republic Lot Am MoJcn 5 104X1 

w Republic Lot Am Venez. 5 1014* 

■v Rep Salomon Strut Fd Urf-S 9376 

SANTANDER HEW WORLD INV. 

mCammander Fjr?d S 105771 

m Explorer Fund 5 131X58 

SKANDINAV15KA EN5KILDA BARKEN 
5-E-BAN KEN FUND 

tf Eurapa Inc -* 1-00 

tf FKrranOslent Inc S 0.97 

tf Global inc 6 IX< 

tf Lakameuei Inc 5 1X5 

tf Voriden Inc — I tX* 

tf Japan Inc Y 9930 

d Milla Inc S 1JW 

tf Sverige Inc Sefc 1042 

tf Nardameriko Inc— 5 1X2 

tf Teknalogl Inc S Ml 

rf Sverige Rometoitf Inc — J eh 1041 

SKANOIFONDS 

rf Eauftv inn ACC s 1742 

tf Eaultv ion InC S 1197 

tf Equity Global S 149 

tf Eaultv NaL Resources— S 1X6 

tf Equity Japan Y 111X0 

tf Equity Monfic I 1 40 

d Equity ILK J 14* 

tf Eaultv CoattaentaJ Europe .4 1x7 

d Equity Mediterranean S 097 

rf EauJiy North America 5 2.M 

tf Equity Far East -X *80 

tf Inti Emerging Markets 5 746 

d Band inti Acc S 12*9 

tf Bend Inti Inc S 7 4* 

rf Band Europe Acc— S 148 

tf Bond Europe Inc— ■ ■ S 0.97 

tf Band Sweden ACC Sek 1773 

tf Bead Sweden ik Sek 1U2 

tf Bond DEM ACS DM 1X8 

tf Bond DEM inc DM fl.« 

tf Band Dollar US Acs S 142 

tf Band Dollar US Inc i 1X7 

tf Cure. US DoUar 3 145 

tf Cure. Swedish Kronor Sek 1231 

50CIETE GENE RALE GROUP 
SOGELUX FUND (5r) 

tr SF Bonds A UXA 3 1*66 

wSF Bonds B Germany DM 3114 

w SF Bonds C France FF 133X2 

W SF Bonds E GX £ 1279 

wSF Bonds F Jam Y 2365 

ir SF Bands G Europe Ecu 1014 

urSF Bonds H World wide s 18X3 

wSF Bonds J Belgium— BF 83800 

wSF Ea.K North America _S 107* 

w SF Eh L WJEurooe ECU 1691 

w SF Eq. M Podllc Basin Y 1601 

wSF Eq. P Growth Countries 4 1898 

wSF EaO Gold Mines S 3150 

wSF Eq.R World Wide S 1613 

w SF Short Term S France FF 168X375 

w SF Shari Term T Eur Eai 1635 

50DITIC ASSET MANAGEMENT INC 

■r SAM Braztl S 20*66 

w SAM DlversHtod S 13*11 

w SAM/McGarr Hedge S 11117 

w SAM Opportunity S 1269* 

w SAM Strategy 5 12239 

m Alpha SAM S 13342 

w GSAM Composite S 35775 

SR GLOBAL FUND LTD , 

mSR Eurapnan S *6.99 I 

rnSR Aston S 100.99 

mSR Inh- m nitorml » 9737 

SVENSKA HJUIDEL5BJU9KEN SJL 
1*6 Bd do to Pvfrusse. L-2330 Luxembourg 

b 5H9 Bond Fund S 56X3 

m Svensko SeL Fd Amer Sh— I 1*77 

urSwemska SeL Fd Germany -5 1097 

w Svenska Set. Fd Inti Bd Sh_S 12X9 

wSvcnska SeL Fd Inti Sh — % 60X0 

w Svenska Sri. Fd Japan Y 405 

trSverakaSeLFflMllFMkt— Sek l!7j» 

wSvenskaSeL FdPocHSh_s 748 

w Svenska SeL Fd Swed Bds Sek 14424) 

wSvenskaSeLFdSyhHaSh—Ecu 153175 

SWISS BANK CORP. 

tf SBC MOIndev Fund SF 180*00 

tf SBC Equity Ptn-Australki—AS 22000 

tf SBC Eaultv Ptfl -Canada CS 219 jsu 

tf SBC Eaultv Ptfl -Europe — Ecu 19BJ» 

rf SBC Eq Pifl-Netheriands— Fl 38200 

tf SBC Govern Bd A/B S 1 1007X1 

rf SBC Bond Pffl-Austr 5 A — AS 11*97 

0 SBC Bond PHI-Aitotr S B AS 12*48 

tf SBCBondPtfKahSA CS 11*40 

tf SBC Bond PtfFCohSB a 131X8 

tf SBC Bond Ptfl- DM A DM 17075 

tf SBC Band Pttl-DMB DM 181X7 

tf SBC Bond Ptfl-OutChG-A-FI 17146 

tf SBC Band Pftl-Oufch G. B— Fl 10248 

rf SBC Bond PIB-Ecu A Ecu 11548 

tf SBC Bond Ptfl-Ecu B Ecu 131X2 

tf SBC Bond Ptfl-FF A FF 603X3 

tf SBC flood Ptfl-FF B FF 6X7X0 

rf SBC Bond PttVPtos A/B — Ptas 9651X0 

tf SBCBondPtfl-SterilnoA— X 58X2 

tf SBC Band Ptfl-Slerilno B —1 6290 

tf SBC Band Port to Ho- SF A — SF 114933 

tf SBC Bond Porttolto-SF B— SF 1407.1* 

tf SBC Bond PtH-USS A S 10673 

rf SBC Band PHI-USI B S 1 1207 

rf SBC Bond Ptfl- Yen A Y 10906600 

tf SBC Bond Ptfl-Yen B — Y 114041X0 

tf SBC MMF - AS AS 4286X3 

tf SBC MMF ■ BFR BF 111199X0 

tf SBC MMF - ConS CS 4661X3 

tf SBC DM Short-Term A DM 101743 

rf SBC DM Short-Term a DM 131618 

0 SBC MMF - Dutch G Fl 7300X8 

tf SBC MMF - Ecu — —_Ecu 372573 

rf SBC MMF -ESC ESC 44905*00 

tf SBC MMF - FF FF 2497S46 

tf SBC MMF - Ut Ut 5306591X0 

rf SBC MMF - Plus PtO 357*8106 

tf SBC MMF - Schilling _AS 317706 

rf SBC MMF ■ Sterling I 2808X5 

tf SBC MMF - SF SF 5871.99 

tf SBC MMF -US -DoUar S 719876 

d SBC MMF- U 53/1 1 S 2087X6 

tf SBC MMF ■ Ya i Y 597516X0 

rf SBC GW-Pttl SF Grth SF 119*42 

tf SBC GlbFPtfi Ecu Grth Ecu 1310A 

tf SBC GRtf-PHI USD Grth S 1189X9 

d SBC GiW-PtflSF YWA SF 111945 

tf 5BC Glbmn SF Yld B SF 122896 

tf SBCGIbhPIfl Ecu YM A Ecu 123109 

d SBC GHD-Ptfl Ecu Yld B — Ecu 1359.15 
tf SBC GtW-Ptfl USD Yld A— S HB538 

tf SBCGBX-PtnUSOYIdB S 119372 

tf SBCGtal-P|fl5F<KA SF 10*653 

d SBC GW -Ptfl S Fine B SF 111530 

tf SBC GlW-Ptfl Eai Inc A Ecu 1TS6X0 

tf SBC Glbl- Ptfl Ecu IK B Ecu 1177.17 

tf SBC GBH-Ptfl USD IK A— X 101877 

tf SBC GIM-Ptn USD IK B — X 104334 

d SBC GBJlPtfl-OM Growth -DM 1093.15 
tf SBC Glbl PtfrDM Yld A/B JDM 106665 
tf SBCGBXPtfl-DMIncA/B-DM 10*947 

rf SBC Emerging Markets S 721153 

tf SBC Small 6 Mid Cops Sw-SF 533JK 
tf AmerlcuVotar ..... S 351 JM 

tf AnotaVator ... _ I 23573 

tf AstaFarttoHa 5 70*67 

tf Convert Bond SeltcHon SF 111X7 

I d D-Mark Bond Setecnan DM 116X7 

d Dollar Band Selection S UB.12 

! tf Ecu Band SetoCtlon Ecu 18KB 

tf Florin Bond Selection Fl 1223T 

tf FranceVatar FF 215617 

tf GermanlaVntar- DM 5T45D 

tf GatdPortfaiia 1 375X5 

tf Iberia Voter Pta 6311900 

tf Hal Valor Ul *53144X0 

rf JaoanPorttelto _Y 2S039.00 

tf Sterling Band Selection C 11773 

d Sw. Foreign Bond SeiecllaaXF 11143 

tf Swiss Voter SF 58*75 

tf Universal Bond Selection SF 79X0 

tf Universal Fund SF 1221* • 

d Yen Band Setedlm Y 11771X0 

TEMPLETON W.WIDE INVESTMENTS 
GROWTH PORTFOLIO 

rf Deny A- 1 S 1131 

tf Clou A-2 S 1676 

tf Class A-2 S 1*12 

rf Class B-l S 12X6 

tf CtoB B-2— 3 1631 

INCOME PORTFOLIO 

tf Class A S 10X? 

tf Class B S 972 

THORNTON MANAGEMENT LTD 

tf PocH I red Fd SA C_ t 1SXS 

tf Partf invt Fd SA dm dm j?.ib 

tf Eastern Crusader Fund _ 1 1116 

d Thor. LHtl DraoaiH Fd LM J 43X6 

tf Thornton Orienl Ik Fd Ltd S 27XS 

d Thornton Tiger Fd Ltd S 54X5 

tf Monaged Selection S 2*0* 

w Jakarta — —5 17.74 


3 Korea —3 i»* 

! NEW TIGER SEL FUND 

i tf Hong Kong — s 62 j 

1 tf Jopgn * If-! 

; tf Philippines — 5 gj‘ 

tf Thailand — J 225 

tf Mciorslc 5 

tf Indonesia — — 'J- 

tf uSSLWuidirv 1 Jfi 

rf CWno -f 

tfSmcooore — — — S ^ 

THORNTON TAIWAN rUND 

tf Equity income. -f 120 

d Equity Growth -5 W 

tf ucuidiiy * 

UEBERSEEBANK Zurich 

d B - Fund SF 17^7 

tf E - Rind SF 666J 

tf J - Fund — 5F 388X 

d m * Fund ~§£ 

tf UBZ Euro-Income Fund —|F I0* 

tf UBZ World income Fund —Ecu 56* 

tf UBZ Gold Fund 5 1ZM 

d UBZ Nippon Convert — — SF ]!g.i 

tf Asia Growth Convert 5FR-SF 1218.1. 
tf Aria Growfii Convert USS— 5 lB*6i 

tf L'BZ DM - Bond Fund DM Wi 

tf UBZ D ■ Fund DM IM4j 

rf UBZ Swiss Eeultv Fund— SF 11541 

d UBZ American Eo Fund — S 5' J 

tf UBZ S - Bond Fund * 

UNION BAN CA IRE A55ET MGT (UBAM) 
INTERNATIONAL, NASSAU 
w Ardel Invest _ . .3 26»m 

» Arm invest — — .X 

ivBqcofln.. — 5 ]2!M 

irBecltfnvest. * 

wBrurinvesI -3 JW6.<J 

w Cresptr.vest S IOTA 

w Oln futures. 5 

w Din vest — — J 

w Oinvest Asia s S W14.M 

w D Invest Inti Fix Inc Shot— 5 J®.!* 

w Joglnvesl 5 287BJ! 

w Loroninvwl J .2“™ 

i* MmstnveS \ IS1-SS 

w Marl invest—— * 

w Motrrinvest — -3 386*97 

w Mourinvesi Cominoled — -S 1B6^ 

ivMourtnvcstEcu. ■ -Ecu IW-w 

wPulsar 5 T261.15 

w Pulsar Overly ■ 5 209699 

h Quanlinvest. S 378652 

iyQ«gi;invesl93 .. 4 

w Sleminvest 5 

» Turflnvest ... 2 1 15148 

wUrsbtvesf S 4412S 

UNION BANCAIRE ASSET MGT (UBAM) 
INTERNATIONAL LUXEMBOURG 

iv UBAM 5 Band— 1 118*78 

w UBAM DEM Bond DM 112*11 

wUBAM Emerging Growth _S lOHUS 

wUBAM FRF Bend FF 55*1)6 

*t UBAM Germany DM 118*45 

w UBAM Global Band Ecu 142000 

wUBAM Jopan Y 10019X5 

iv UBAM Sterling Bond 1 

w UBAM Slh Padl * Asia — J 22*41 

w UBAM US Equities S 1292X0 

UNION BANK OF SWITZERLAND/ INTRAG 


rf Amos — — SF 

tf tMiUmmi - - SP 

tf Brtt-tnvest— ..XF 

tf Canoe — ■ SF 

tf Convert- Invest SF 

tf D-Mark -Invest DM 

tf Doltor-lnvr-il S 

tf Energie- Invest SF 

tf E moc - SF 

tf Euril SF 

tf Fans a 5F 

tf Fronril JF 

tf 

tf Glob Invest SF 

rf Goirf- Invest SP 

d Gulden-Invest Fl 

d Helved nvest 4F 

d Hqlloml-lnvl »<f 

d Hoc SF 

tf Jason- Invest ......... SF 

d Pacific- Invest -SF 

tf Safi! SF 

tf 5kondinavten-lnvesl SF 

tf Sterling-! nvest c 

tf Swiss Franc-lnvesi — ■ SF 

rf Sima 5F 

tf I-*”"*" 1 sf 

tf UBS America Latina SF 

d UBS America Latino S 

tf UBS Asia New Horiion SF 

a UBS Asia New Horizon S 

tf UBS Small C Europe SF 

tf UBS Small C Europe DM 

tf UBS Port inv SFR Inc SF 

tf UB5 Port Inv SFR Cap G—SF 

tf UBS Pori Inv Ecu Inc SF 

0 UBS Port Inv Ecu Inc Ecu 

tf UBS Port inv Ecu COP G — SF 

tf UBS Port Inv Ecu Cap G Ecu 

tf UBS Port inv USS Inc 1 

tf UBS Port Inv USS inc — — SF 

tf UBS Port Inv USS Cap G SF 

tf UBS Port Inv USS Cop G—S 

tf UBS Part Inv DM inc SF 

tf UBS Pori Inv DM Inc DM 

rf UBS Pori Inv DM Cap G SF 

tf UBS Port Inv DM Cop G DM 

tf Yen-lnvest_— — __Y 

tf U8S MM Invest -USS _S 

tf UBS MM InvesKSt t 

d UBS MM l nvest -Eai Ecu 

tf UBS MM Invesl-Yen Y 

tf UBSMMIovest-Ut Ut 

tf UBS MM InvesFSFR A SF 

rf UBS MM lnvnst-5FR T SF 

tf UBS MM fnvcsf-FF FF 

tf UBS MM Invesl-HFL— JFI 

tf UBS MM Invest -Can 5 a 

d UBS MM Invest-BFR BF 

a UBS Short Term tnv-DM dm 

tf UBS Band tnv-Ecu A Ecu 

tf UBS Bond lnv-£ai T Ecu 

tf UBS Band invSFR SF 

tf UBS Bond lnv-OM DM 

tf UBS Band Inv -USS S 

tf UBS Bond Inv-FF FF 

tf UBS Band Inv-CanS CS 

d UBS Bond Inv-Ltl Lit 

tf UBS B.1-USS Extra Yield — 3 
rf UBS Fix Term lnvU3S9*_3 
tf UBS Fix Term mv-tSt 9*— X 
tf UBS Fix Term Inv-SFR *6_SF • 
tf UBS Fix Term l.fv-DM«4_DM 
tf UBS Hx Term Inv-Eai 96_Ecu 
rf UBS Fix Term lnv-FF 96— .F F 

tf UB5 Eq I rrv- Europe A DM 

tf UBS Eq Inv-Eurepe T DM 

tf UBS Eq Inv-S Coo USA S 

tf UBS Port 1 Fix Inc (SFRI-SF 
tf UBS Port I Fix Inc (DM) —DM 
tf UBS Port I Fix Inc (Ecu) — Ecu 
tf UBS Port I Fix inclUSSI— 3 
d UBS Cap lnv-90/M SFR SF 


*7X0 v 
59X0 V 
153X0 V 
S*00y 
14690 V 
21020 V 
115X7 y 
11340 y 
18100 V 
36*50 V 
J27JV y 
219X0 y 
2*740 V 
12*00 y 
259X0 y 
281X0 y 
1 11*40 v 
33040V 
15640 y 
26640V 
49000V 
208X0 v 
271.00 y 
221X6 v 
211X0 y 
24140 
198X0 
119X0 y 
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9730 y 
6778 y 
1 0240 v 
12230 v 
10940 y 
11045 V 
10170 y 
6276 v 
105X5 V 
6*20 y 
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907X6 V 
7531V 
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116.90 V 
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55051 

10745y 
16031 y 
10601 V 
10614 V 
10144 y 
1115X4 y 
107X2 V 
1159637X0 y 
9776 V ; 
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111X4 y 
111X9y 
11*42 V 
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11533 y 
241X2 v 
247.95 V 
13664 y 
10*48 y 
10116 y 

U4X2y 
HXLXOy 
10836 V 
10*57 y 
123X2 V 


tf UBS Can lny-90/10 SFR SF 10836 

rf UBS Cop inv-WTO USS S 10657 

d UB5 Cap lny-90/10 Germ DM 123X2 

WORLDPOLIO MUTUAL FUNDS 

tfS Dally Income S 1X0 

tf DM Dally Income DM 1X0 

d S Band income t 17.75 

tf Nan -$ Bomb S 2562 

tf Global Bonds S 2037 

rf Global BaJancrd— J 1874 

rf Global Equirtes S 1*91 

tf US Conservative Equ«ies_4 1691 

d US Agresstve Equities » 1*17 

tf European Equities , S 1*99 

tf Pacific Equities S 1400 

tf Natural Resources 2 8X7 

YIELD ENHANCEMENT STRATEGISTS 
tf Enhanced Trees. Returns _S 1.1)600 


Other Funds 

w Act Icrol stance Sicov FF 

w AdWtoonce Slaw— —5 

iv Acttfutures Ud S 

w AcHontten Sicov .FF 

iv Ac! I vest Inn Start S 

w Adelaide FF 

m Advanced Latin Fd Ltd S 

m Advanced Pacific Strut — _S 

w Advanced Strategi e s Ltd S 

wAlG Taiwan Fund S 

mAima Investment— —4 
» Aaulto international Fund J 
m Artrtftn investment -> 

•» Argus Fund Batonced— — 5F 

tr Argus Fund Band 5F 

d Asia Oceania Fund 3 

w ass I Astern AG dm 

W ASS I Derivative) AG DM 

w ASS (Zeros) AG dm 

mASMdoted Inveslore Inc. — 5 

w Athena Fund LM S 

WATO Nikkei Fund S 

w Banzai Hedged Growth Fd JS 

w Beckman Int Cap Acc S 

w BEm Internafianri LM S 

tf Blkuben-Morval EEF_ Ecu 

tf BJecmar Glbl Fd (Covmon)S 
tf Blecmar Gtoboil Bahamas) S 
tf CClj * 

mCal Eura Leverage Fd LhJ_S 
itiGejiiq} Assured indto Fd— S 

tf CB German Inden Fund .DM 

mCervIn Growth Fund— — S 

m Chilton inti IBVH Ltd S 

w CHpdet Umlled SF 

w CM USA 1 

wCMl investment Find S 

m Columbus HoMInas— — S 

mConoonte Inv Fond S 

wContlvest Actions lntl—__BF 

wCoriilvesi Obit Beluv CT BF 

w Contlvest Obli World Dm 

wConveri. Fd mil A Certs s 

w Convert. Fd inn B Certs S 

m Craig Drill Coo - S 

mCrescat Aslan Hedge Fd — 3 

mCRM Futures Fund Ltd J 

w Cumber Inn N.V. — _s 

w Cure. Concent 2B00 s 

d D. Witter WM Wk» I vt Tstj 

wD.iS.C- — — s 

d Dalwa Japon Funa Y 

tf DB Argentina Bd Fd s 

d DBSC / Matin Bond Fund -4 

w Derivative Asset Altec 5 

tf Drevtws America Fund S 

I DVT Performance Fd S 

w Eos Overseas Fund Ltd —s 

m Elite World Fund Ltd SF 

d Emi Beta tntf. Phis A BF 

rf Eml Brig. Ind. Plus B BF 

tf Eml France Ind. Phis A ff 

rf Eml Fiwe Ind. Plus B— FF 

tf Emi Germ. ind. Phis A DM 

d Eml Germ. Ind. Phis B DM 

tf Emi Neth index Pius A Fl 

tf Emi Hettv index Pius b_Fi 

d Eml Spain Ind. Plus a Pta 

tf Eml Spain ind. Plus B pta 

tf Emi UK Index Phis 6 I 

d Emi UK index Plus B t 

m Eouljtor Offshore Ud s 

nr Esalr. Sto inv. M Ecu Bd FdEat 
w EsMr. Sla Inv. Sfh Eur Fd_4 


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dw^BGrc-Jr 

I Latin A.Terc- ■ 


tf Proflrent 

w Pyramid Inv Fd Carp, 
tf RAD lid. inv. 
tf Regal Inti Fund Ud 
f Ric tnovest Fund A 
1 Rlc moves) Fund B 

w Rlchcaurt Bettwav Inc S 

w RM Futures Fund Slcav—S 

iv Sailor's intt Eaultv Eat 

iv Sailor's Intt Fixed Ecu 

tf Sanyo KJe. Spain Fd S 

rf Sarokreelc HofcSna N.V. — S 
w Saturn Fund 
m Savoy Fund LM 

msc Fundam. Vot BVi LM S 

tf SCI / Tech. SA LuxemfaaargS 

m Scimitar Guar. Cure Fd S 

ntSrimltor Guaranteed Fd — S 

mSelecta Global Hedge Fd s 

tf Selective FuL Ptfl ud s 

mSe modes 

w Sinclair Muttttimd Ltd 
W5JO Global (609)921-6595 — I 
w Smith Barney Wrldwd Sec-4 
•v Smith Barney Wrldwd Specs 
wSP (nfamaffonof SA A 5h— S 
wSP IntermdtanaiSABSh— S 
m Spirit Hedge HkL 
m Spirit Neutral HM 
w Stanley Ram Futures Fund^F 
w Sietahardt (Yseas Fd Ltd, — 5 
wSMnharxH Realty Trust 
m Stridor Fund 
mStrame Offshore LM 

tf Sunset Gtaballl I LM % 

tf Sunset Globol One 
m Sussex McGarr 
mTa Currency 

tr Techno Grwth Fund _SF 

tf Templeton Global Inc 
mThe Bridge Fund N.V. 

m The GeaGtabaf Offshore S 

tf The Insttt Mum Advisors S 

m The J Fund B.v.1. 
w The Jagms- Fund N.V, 
d The Latin Equities Fd 
rf TheM*A'R'S Fd Sicov A-S 
tf The M*A*P*S Fd STcav L_ DM 
mThe Seychelles Fd Ud 
w Thema M46 Futu-es _ 
b TllC IOTCI Jon. Fd Start-* 
b Tokyo (OTC) Fund Start— S 
w Trzms Global Invt LM 
d Transpacific Fixid 
m Trinity Futures FdLM 
m Triumph I 
m Triumph 11 
m Triumph III 
m Triumph IV. 
tf Turquoise Fund 

m Tweedy Browne InTI n.v 5 

w Tweedy Browne n.v. C( A 
w Tweedy Browne nv. Cl B 

tf UMFutures FF 

tf 

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tf 

d 


wU 
wu 

IV UM-GkJbol Start FS 
w Unl-Glabal Start USD 

tf Unlco Equity Fund DM 

tf Unlco inv. Fund 
mlfnttrodesCHF 
m Uni trades CHF Reg 
mUnltrades FRF 
at Uni trades USD 
w Ursus IntT Ltd 


If yo u j 
looking 
§rowt 


m Victor Futures Fund * 

b voyooer Investments Ptc S 

nr Vulture LM 
m Welles WIMsr Ml Fd 
w wilier Japan 

w Wilier South East Asia S 

w WllkxKbrtdee Inll CFM S 

tf win Global Fd Bd. Ptfl E 

tf Wkl Globol Fd Ea. Pttl ECU 

tf Win Global Fd Rm Ptfl 
tf World Balanced Fund SA— S 
m Worldw i de Limited 
iv WPG FarberOhaasParr_4 

mWW Canlto) Grth Fd Ltd 5 

m Young 

m Zephyr Hedge Fund 
mZwefg inn Ltd 


"Which Way Are 
The Markets Moving?" 

An IHT conference can global fond 
management, March 23-24. 

For details, fax Brenda Hagerty 
al (44-71) 836 0717. 



For information on how to fist your fund, fax Simon OSBORN at (33-1) 46 37 21 33. 


World News. World Views. 

Every day, the International Herald Tribune provides clear and concise coverage of world events 

with a scrupulous separation of reporting and opinion. 

For objective and informative reading, make sure you get your copy every day. 

For subscription information, please call: 

Europe/Africa/Middle East (33-1 ) 46 37 93 61, Asia (852) 9222-1 188, The Americas (212) 752 3890. 

'T' f 4 k INTERNAHONALM « < 

jieral o^S^ gtnbttnc 

niRUStnai nrnt the w* idu> twa ™ rut n.wunnin run 




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I 




I ■ 0 Note am 

| Lauttormry Tale for Students 



V. I 


By Judith Rehak 


* 


I 


- . 

--C 




w IP - 

V. V 


IV 

'-r*'S : 
* - 


F she had it 10 do all over 
again, she “would have tat- 
en the 512,000 grant," said 
Amy Robertson, a newly 
minted holder of a master’s (Wee 
£ran one of the most prestigious 
international studies schools in the 
United States. 

She ruefully recalled an offer she 
turned down from another top-rat- 
ed graduate school in 1991, as she 
faces up to the 5500-a-month re- 
payments of her 545,000 in student 
loans. 

Ms. Robertson’s quest to finance 
her graduate studies started when 
her father told her that if she want- 
ed to go lor another degree, she was 
on her own. Close to retirement, he 
had already paid out more than 
5150,000 in tuition fees, room and 
board, and expenses, starting Mien 
she- was 3 years old for nursery 
school, followed by a private girls’ 
school, a top New England prep 
school, and an Ivy League college. 

To acquire her master’s degree, 
Ms. Robertson had outlays of 
about $28,000 annually, 516,500 of 
\ that in tuition, for her two-\ 


as 


for mandatory medical insurance. 
To cover these fees, she first took 
out a package of U.S. government 


loans for university students, con- 
sisting of a Stafford loan, the most 
widely used vehicle; a Perkins loam, 
a bdow-maiket interest rate loan; 
and a third loan specifically for 
graduate students. She also ob- 
tained $6J>00 in financial aid from 
the graduate schooL 

But the biggest chunlc of her bor- 
rowings, 517.000, came from Nellie 
Mae, a private lender to college 
students, which charges higher 
rates than the government (recently 
95 percent compared with 6.22 
percent for a Stafford loan). 

It also imposes tougher stan- 
dards. Only three weeks before 
classes started Ms. Robertson re- 
turned from Taiwan, where she had 
been studying Mandarin, to discov- 
er that her loan was stuck some- 
where in the pipeline. The reason: 
Nellie Mae, whose loans are not 
guaranteed by the government, 
runs a credit check, not only on the 
student, but the parent who cosigns 
the loan. Unknown to Ms. Robert- 
son's father, whose financial reli- 
ability was solid, a 565 department 
store bQl, paid six weeks late be- 
cause he had been out of the coun- 
try, had damaged his credit rating. 
After a rush of frantic phone rails 
and letters, the credit glitch was 
straightened out, and the loan was 
approved. 

Once the cash was in hand and 


her studies got under way, thing s 
went well for her. She received top 
marks m her field, Asian studies. 
But throughout her two years of 
graduate school, her mailbox was 
filled with computer-printed “re- 
minders” that the interest meter 
was ticking on her loans. 

“Think of the money they’re 
wasting on postage,” she groused. 

Most of the lenders did give her a 
six-month grace period between 
graduation day and the start of 
repayments. Nevertheless, even be- 
fore she had collected her diploma, 
booklets of payment coupons ar- 
rived. accompanied by letters that 
pointedly greeted her as "Dear 
Graduate." 

The specter of monthly pay- 
ments loomed larger as Ms. Rob- 
ertson's job hum yielded only rejec- 
tion letters or one-shot interviews. 
Then, just as time was about to run 
oat, a part-time job she had held 
with a idecomm unications lawyer 
while in school opened a door. She 
connected with a consulting firm 
looking for someone who knew 
telecommunications and was fluent 
in Mandarin. The result: A job 
with a starting salary of 535,000. 

The pressure is off, for now. 


OR parents worried 
about the high cost of tu- 
ition in the United States 
10 or 20 years from now, 
a number of slates are selling “pre- 
paid college tuition plans* that 
promise to guarantee the cost of 
tuition for children who attend any 
state university or community col- 
lege. 

To sign up for the plans, parents 
pay the state Treasury a monthly 


H a family moves 
out of state, a 
student who 
returns to the state 
where his tuition 
was guaranteed 
would have to pay 
out-of-state rates. 


amount of as little as 540, or the 
remittance can be made in a lump 
sum, that the state invests until the 
child is ready to attend college. 
■Regardless of the amount the state 
earns on the pooled funds, future 
students are guaranteed that their 
tuition wiH be covered. 

Eight states currently offer some 
type of prepaid tuition plan: Ala- 
bama, Alaska. Florida, Indiana, 


inflation by 3 percentage points an- 
nually over the past 20 years, ex- 
perts say the plans provide a level 
of protection that other invest- 
ments do not. 

“It’s not the crapshoot the stock 
market would be because you're 
guaranteed your child will have 
enough to cover his payments,” 
says Michael Olivas, author of 
“Prepaid College Tuition Plans: 
Promise and Problems." 

The plans, of course, cannot get 
a prospective student admitted to a 
state system's top-quality, most- 
competitive schools, but, once ad- 
mitted, they do guarantee the stu- 
dent's tuition. Most cover only 
tuition, not room or board. In addi- 
tion, if a family moves out of slate, 
a student who returns to the state 
where his tuition was guaranteed 
would have to pay out-of-state tu- 
ition rates, which sometimes are 
double or triple the tuition rates for 
state residents. 

The prepaid tuition contracts are 
also not easy to cancel. Ohio has no 
provisions for early withdrawals, 
while other states may sock parents 
with hefty cancellation fees if they 
decide to drop out of the plan. For 
students who decide to go to a 
private school, the state treasury 
will only transfer the cost of tuition 
at a state school, forcing students 
to make up the difference in cost. 

According to Kalman Chany, 
coauthor of “The Student Access 
Guide to Paying for College”: 
“Since many states are cutting their 
budgets for education, the 


U ~ , - . , . . . 1 .i iu i unn , uuugwu 1VI U1UU1WU, Hit UIUU 

was^dmmtely worth the m- Kentucky, Ohio, Pennsylvania and of a state’s colleges could easily fi 
vestment, she said, «>ut Til be Wyoming. Given that tuition in- by the time the child is ready 
paying off my loans until Tm 41." creases have outpaced the rate of attend.” 





From Morgan Grenfell, 
A Latin American Play 

Morgan Grenfell Asset Manage- 
ment, the British mutual fund arm 
of Deutsche Bank, is launching B 
Latin American fund next week. 
The firm already has a Latin Amer- 
ican fund for institutional inves- 
tors, winch has grown 82 percent 
smoeits introduction last June. The 
emphasis of die new fund, which is 
open to individual investors, is “a 
bottom-up strategy aimed at 
achieving long-term capital 
growth” by investing in companies 
that are not yet widely known. In 
other words, the managers are 
looking for value plays as Western 
fund capital hurtles into Latin 
America. 

The Morgan Grenfell Latin 
American Companies Trust will be 


a closed-end trust with quoted 
shares. The annual managemen t 
charge is 1.25 percent, and inves- 
tors receive a 15-year warrant for 
every five shares purchased 

For more information, call Mor- 
gan Grenfell Asset Management in 
London at (44 71) 256 7500. 

Banking on Sloth 
And Bad Habits 

Hooked on interactive TV 
games? Crazy over home shopping? 
Or would you rather be in Vegas, 
puffing a fat cigar between a few 
belts of Scotch? Either way, if 
you’re American, you can now in- 
vest in your vices. 

If the sofa is your preferred spot, 
there is the newly launched Gabelli 
Global Interactive Couch Potato 
Fund “We felt the name best de- 


scribed someone sitting in his living 
room, watching television, and us- 
ing the phone and computer in an 
interactive way," said Bruce Alpert 
of Gabelli Funds. 

The fund will place at least 65 
percent of its assets in companies 
Hke International Family Enter- 
tainment, which owns libraries of 
such television series as the ever- 
popular Mary Tyler Moore show. 

The no-load fund is selling at 5 10 
a share, with a minim um invest- 
ment of 51,000 until the end of this 
month. 

But if going out on the town is 
your idea of entertainment, hang 
an. Arriving soon is Fanshares, a 
closed-end fund now in registration 
with the Securities & Exchange 
Commission. 

It wxD be managed by Maxus, a 


Cleveland money manager, and 
will concentrate on companies with 
interests in tobacco, liquor and 
nonalcoholic drinks, gambling and 
theme parts. 

“At onepoint we thought about 
naming it ‘ftnshares/”j<&ed Rob- 
ert Pin cos of Maxus. He empha- 
sized that the fund, which is cur- 
rently run as a private vehicle, has 
proved that these companies do 
well in good economic times and 
bad. 

Among its holdings are An- 
heuser-Basch, brewer erf Budwdser 
beer and owner of Sea World, an 
amusement park, and Philip Mor- 
ris. the now-diversified cigarette 
maker. Funshares is dated to go 
public at between 510 to $11 a 
share. 

Couch potatoes may call (800) 


422-3554 or (914) 921-5100 in the 
United Stales for a prospectus mi 
the Gabelli fund. Bon vrvants can 
dial (800) 446-2987, or (216) 292- 
3434 for information on Fun- 
shares. 

Low-Cost Phoning: 
More Competition 

Further to last week’s article on 
low-cost international telephone 
calls. MTC wrote to daim that its 
“Passport” service offered rates 
that were competitive with the ser- 
vices featured. 

For more Information, call MTC 
in Geneva at (41 22) 362 7740. 


ZenihHec&wwaiCotp.. 

NL Industries.. 

American PWR Conversion. 
Micron Technology. 

Nafionai Semiconductor 
Lotus DewtapmantCop. . 

Fruit of lie Loom A 1 

CNquta Brands Infl 

Coois (Adolph) Co 

8ewity£ntejprfees„_ 


13.125 66.7% 
8X375 <2.0% 

26.750 23.0%’ 
70X375 21.4V ' 
.21.750 208% 
69500 19.3% 

30.125 .10.3% 

17525' 1&5% - 
■18525 175% 

15.125 - 1&3V 


US Surgical Cap.. 
USAir Group 
EsquBdjie Coe - 
' M/A Com., 


General Instruments Corp. 
Chiron Cmp. 


Amdahl Ccxp..~~- 
/tfzaCofp._~-— - 
Sea^floebuck&Co. 


SO-MEDLife Systems-..^. 


17500-45.1% 
11575-219% 
23JtS0 -21.8% 
6.625 -205% . 
47575-19.4% 
77500-165%- 
£875-175% 
22-500 -17.1% 
45.625 -16.9% = 
35500 -165% 


Frankfurt Stock Ex eh«n ge; ; 

.. 334:10 •40L7#’ 

-232600 303%:' 

2580X0 265% 
295000 18.5% 

. 82650 14,1% 

••'15550' iaa%- 

23050 '124% 

Tsonomev 

- 538 X 0 100 % 
608 X 10 98 % 


; VDO Adolph Sddnt^igVZG. 

SapVoizug .. 

Sap Stamm— 

Kronas Vcnug- 

BMW Stamm 

. ISder-Waite... - 

. Pm 


QeckatUahoiMahp), 


Astro DT Kauthaus Stamm-.. 
PyckerhoffVoraug. 


AskPDT Katdtaus Vofzug„ 
Hochtief. 


Gtf» 

.Fresanius Vooug. 


Aachen & Munch Lfiben Inh. .. 

'BremaerVuScanVetbind 

Alanz HokSng Akt». 


Cotortakonzem Vbczug 


10020.-261% 
19150 -19.4% 
104600 -164% 

497.00- 1 4£% 
920.00 -1A2% 

109600 -115% 

835.00- 112% 
8660 -161%. 

255600 -65% 
69600 -9-2% 


Paris Stock Exchanger 


Europe 1. 
-Havas™ 


:Tmetai_ 


General GeopfysfepB . 


Fanderdiybnnatse-,. 

Chi> MedSerraneex — — .... 

Bouygues-. 


CB 3 Commifliication— ^ 

SAT SA Tn l ocommuni calioOiL 


: iraejoo iix%' 

• 47200; 61% 

'47600= SL8% ' 

659X30 3.4%'." 

. 569XJ0 : 5fl%‘ 

: .874X30 4.0% Canal 4- 

378X30, ■ .24% 

.' 727.00 23% 

490X30 - 61% 
ao5add-2X)% 


Pectfngy International. 
RfidwdBda}. 
Baomnhel (Parts). 
Spe-Bafignotes^ 
Ciarins 


Credit Nafioial - 
Erif&rtaBeghlri-Say.. 
Gertamie Erase — — 


19600 -13X3% 
905X30 -13.0% - ■ 
4650-12.5% 
46600 -10.7% . ' 
554.00 -10X5% . 

99600-104% - 
62600-163% . 
649X30 -&S% Y. 
■ 970.00 -63% ]. 
264600 -9.3% V 


London Stock Exchanges ■ 


Bflri sfa dlm etnatkaial -. 
Arose 


Amstfad. 


Vfctera. 


'Amcfisfy. 


Nafionai Westminster Bl< . 
Sooboanj 




~rrr 


-Cooteon Group 
tonrt» ' 


2320 65.1% -.* 

-1X390 364%' 

q.920;-. ; jfc5% , _• 'Schroda5„_.^.~_*_~. 

: i.iAdi 61% r 

2JB70' ■ "6XJ% "Pn*teoSiColp.'. 

: 1 .kwY..& 2% - Son AXaoce tSroup, — 


056S -21 
5X310 -15.7% : > 
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12.180.-142%'.;-=. 
-.5.605 

■ 4.090-122%-"' 

• 3230-122%. 
3570,-12.1% 


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flurui 7706 / *3jK . ;~>Ck|M^rk.Flayal^ — ilBO'-trsVV, 


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23.1V ■'■'-.Totio iteyOn Co 

JSR&b: Hecama Corp 


7^dx» : 195%:. -'X 

, ■'-* •' Taioo.-laLiV - • 

^ 161600 10.1% ' - < 

\ '.i-fr . T ' ' y.*.' -• 


V jfcUXDO '221% ... -.'Benk Kyoto 
- 369iqp ’'2ip%: : ' -Woheer Hechtonic Corp- 
WtsUi Toatsu ChdrafcadBf 
■TdaCorpi 


ChfctfBank. 


'478600*^110% 
3300,00 -18.0% - 
^.267600-125%::-- 
*414.00-102% ' *■ 
... ,‘483.00 -fio4% : -. ;. 

, 90600-10X3%' • ' 
— ' 272CLOO -69% 

^ • 344X30' -9. 5% 

^ -71600- -9.0% 

— 864.00 -9X3%; 


Prices bt local currencies. 


Intrmabonal Herald Tribune 


10448 


9.708 


Mint Plus Guaranteed 2003 limited, gives 
you the opportunity to achieve medium-term 
capital growth by participating in the trading 
of an international portfolio of interbank 
foreign exchange markets, global capital 
markets and fixtures contracts. 

The MINT PLUS strategy represents an 
expansion of the original trading concept of 
Mint Investment Management Company 
(MINT) and aims to maximise growth and 
to diversify risk over a wide range of 
international markets. 


6.136 



. 1 

■J 


"7,813 


. , _ - .*i 


If you’re 
looking for 
growth, 

• Trading Adviser Mint 
Investment Management 
Company (MINT) is an 
international trading 

advisory firm which ff directs the investment 
' of approximately 
US$ 850 million. MINT 
specialises in the futures 
and currency markets and 
hag more than 13 years trading experience. Over 
this period, MINT’S performance index shows a 
compound annual rate of return of 21.2%* 

• Promoter The E D & F Man Funds Division 
is one of the world’s foremost developers and 
distributors of quantitative investment products 

THIS FUND IS ONLY ON OFFER UNTIL 22 APRIL 1994 SO ACT NOW1 
TO RECEIVE INFORMATION FAX THIS COUPON TO ill 71 626 6458 


primarily in the rapidly growing 
derivatives field and has launched 
more than 50 funds with USS 12 
billion under advice. 

•Secorily of Return of Capital 
The Chase Manhattan 
Bank, NA, has by way of a 
Stand-by Letter of Credit** 
provided holders oT 

Units at the Maturity Date in 

May 2003 with an 
irrevocable undertaking to 
an amount which ensures 
the return to investors of their 
initial subscribed capital in respect 
of Loan Notes held at the Maturity Date. 

is this enough? 

Units are USS denominated, have no sales 
charge, and may be liquidated monthly.*** 

For more information, please contact: 

London: John Townsend or Brian Fudge 
Fax: +44 71 620 6458, Tel: +44 71 285 3200 
Bahr ain: Arthur Bradly or Antoine Massad 
Fax: +973 533 078, Tel: +973 553 288 

Miami: Steve F. Phillips or Simon E. Amich 
Fax: +1 305 530 9621, Tel: +1 305 539 0700 

Hong Kong: Anthony Hall or Margaret Yao 
Fax: +852 557 1205, Tel: +852 521 2033 

Tokyo: Matthew Dillon 

Fax: +81 5 3238 0327, Tel: +81 3 3238 6321 


Uoy1693 

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THE COUPON? 



US 551,201 




1993 

1992 

1991 

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Unlike equities, where all markets 
can decline simultaneously, a fall in one 
currency will be 
accompanied by a rise 
in another. To take 
advantage of this and 
produce outstanding 
returns requires skill in 
timing and judgement 
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0 jj2 l In May 
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Page 20 


n 

m< 




Optimistic Prospects for Growth 



he World Trav- 
el and Tourism 
Council, a coa- 
lition of 64 chief 
executive officers from the 
world’s leading airlines, 
hotel chains, travel agents, 
card companies and car 
rental agencies, plus Boe- 
ing and Airbus Industrie, 
maintains that the post- 
Gulf War recession is 
largely over and that the 
world’s largest industry 
could see high growth 
until the end of the centu- 
ry. 

WTTC projections may 
seem almost too good to be 
true, but they are based on 
the travel industry's proven 
ability to grow faster than 
gross domestic products. 

‘1 don't say die industry 
will grow at 7 or 8 percent 
annually as it did in the 
1 980s, but growth of be- 
tween 4 and 6 percent over 
15 years will add up in a 
dramatic way,” says WTTC 
President Geoffrey Lipraan. 

Growth will build on a 
sizable current base. The 
WTTC calculates that in 
1994, the industry will gen- 
erate a gross output of $3.4 
trillion, produce 10.1 per- 
cent of direct and indirect 
GDP, invest $693 billion in 
new facilities and equip- 
ment, account for 10.9 per- 


cent of all consumer spend- 
ing and assure employment 
for over 200 million people, 
or one in nine workers 
worldwide. 

By 2005, the industry’s 
contribution is expected to 
be $7.9 trillion of output 
and 350 million jobs. 

In Europe, WTTC esti- 
mates that this year’s 40 
million tourism-linked jobs 


In 1994, 
the industry 
will generate $3.4 
trillion 


(19 million in the 12 Euro- 
pean Union countries, 17 
million in Central and East- 
ern Europe and 4 million 
elsewhere) will rise to 63 
million, with 21 million for 
the EU, 37 million in the 
former East bloc and 5 mil- 
lion more in other parts of 
the Continent, “we are a 
service industry, and our 
job contribution will grow 
with greater leisure and 
travel,” adds Mr. Lipman. 


The world’s airlines are 
set to lose another $2 billion 
this year, but this will be 
less than last year’s $4.8 
billion. Passenger traffic is 
recovering steadily. 

International Air Traffic 
Association traffic grew 6 
percent last year, and the 
IATA’s director-general, 
Pierre Jeanniot, speaks of 
"encouraging trends for 
some months.” He adds that 
when the economic upturn 
comes, airlines will recover 
quickly. 

The 24 members of the 
Association of European 
Airlines carried 121 million 
passengers on international 
scheduled routes last year, 9 
million more than in 1992. 
Passenger-kilometer figures 
compared favorably with 
those of the 1980s. 

Sir Colin Marshall, chair- 
man of British Airways, the 
world's most profitable air- 
line, states: "All reliable 
predictions show that air 
travel will continue to grow 
at a global average rate of 5 
and 6 percent a year over 
the next 10 years, and that 
last year’s 1 .2 billion pas- 
sengers on international 
scheduled services will 
double by the year 2000.” 

On the broad tourism 
front, Mr. Lipman and other 
industry analysts see much 


of the growth in terms of 
jobs and output coming 
from developing areas of 
the world, notably Latin 
America. In Asia and the 
Pacific, growth will not be 
the 20 percent of some past 
years, but probably 9 per- 
cent to 10 percent Mr. Lip- 
man sees a two-way travel 
market developing in 
China, further growth in 
Japan and expansion in 
Korea. Indonesia. Taiwan 
and now Vietnam. 

For the moment growth 
in six countries - Britain, 
France, Germany, Italy, 
Japan and the United States 
- largely determines the 
well-being of the interna- 
tional travel market Britain 
and the United States will 
most likely lead the revival 
of business travel. 

Hyatt is setting the pace 
on the hotel front with work 
stations (large desks and 
faxes) in the rooms of 100 
hotels and 24-hour access to 
business equipment 

The Hotel Okura in 
Tokyo has introduced com- 
puter booking through the 
SABRE, APOLLO and 
WORLDSPAN networks. 
Reservations can also be 
made from the United 
States by calling a toll-free 
800 number. 

Alan Tillier 






Vacations are a inani- 

ty items are 
a recession. 


Match: 
'Over 

in 1 993, 500 na2H6n%e^ spaces 
pie 'took a vacati on abro&L This: S 
: increase of 45 miliionover 1992 Slid 
. resents tins IOth straight 




. zatic m in Madrid: 

' . According to a recent survey ^released' 
by the German bf.S&tfe' 

tics* 44-percent of ^'Pehsa*is.'Ci ' 
rized a tnp abroad 2 £ab ; “sssenr‘' 

Which the^'are’jaieiMre^r'tO'^^ 
chase&ofother .necessities" stiefe->as .f 
durable© 

scientists 






C3 

a 

»-w . 

strand; 








Record Year for Cruises 



ore than 5 
million holi- 
daymakers 
will be em- 
barking on the world’s 
200 cruise liners and 
mega-yachts this year, 
headed for destinations 
ranging from the Carib- 
bean to Alaska, the Med- 


Amsterdam 
dep. 09.C5 
Berlin 
dap. 09.50 
Bruxelles 
dep. 09.05 
Dflsselderf 
dep- 09.15 
Frankfurt 
dep. 09.2G 


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dep. 09-25 
London 
dep. G7.35 
Madrid 
dep. 08.09 
Milano 
dep. QS.15 
MOnchen 
dep. 89.35 
Paris 
dep. B3.13 
Roma 
dep. 03.05 
Stockholm 
dep. 03.30 
Stuttgart 
dep. 39.00 
Torino 
dep. 0E.15 
Venezia 
dep. 02.05 
Zurich 
dsp. 03.35 

If you do business with Eastern Europe, you'll probably keep running up against 
questions like “What’s the best way to get from London to Tirana?" or "Which airline will 
fly me from Amsterdam to Odessa?" or “Which is the fastest connection from Milano to 
Bucharest?". For answers to questions like these, consult the Austrian Airlines Timetable. 
For decades now, we at Austrian have been operating ideally coordinated services between 
Eastern and Western Europe. As the table shows, the best connection between West and 
East will tend to be with Austrian Airlines. Any travel agency or Austrian Airlines Office will 
be glad to provide details of the good connections we maintain foryou in Eastern Europe. 

Departure and arrival times as of March 27. 1994. 


Vilnius 
air. 14.55 

Warszawa 

an. 12.45 

Zagreb 

arr. 12.45 


Welcome To 






The Hotel Okura is the first choice 
of executive travellers from aU over the 
world. Why? Yfc invite you to 
come see and understand. 

Contact your travel agent 
or our hotel representatives: 

THE LEADING HOTELS OF THE WORLD 
PREFERRED HOTELS & RESORTS WORLDWIDE 
UTELL INTERNATIONAL 


HOTEL OKURA, TOKYO, JAPAN 
2*10-4 Toranomon, Minato-ku, Tokyo 105, Japan 
TeL- 03-3582-0111 Rue 03-3582-3707 Tele* J22790 

HOTEL OKURA OFFICES WORLDWIDE 
New Ybric Tel: 212-755-0733 
Los Angeles TeL- 213-488-1477 
Amsterdam Tel: 020-6761160 
Hong Koqglfcb 895-1717 



iterranean and the Pacif- 
ic, where China and Viet- 
nam are new ports of call. 
They will make it a record 
year for cruising, the 
fastest-growing sector of 
the travel market. 

The reasons for the boom 
in cruises are numerous: 
new destinations, early- 
booking discounts, built-in 
airfares to departure points, 
streamlined port processing, 
gourmet dining. Las Vegas 
and Lido-style shows, 
theme voyages and extra 
pampering, including cham- 
pagne breakfasts in bed. 

Cruising is also acquiring 
a new image by tapping a 
younger market The under- 
50s now form half the com- 
plement on the 120 ships of 
die New York-based Cruise 
Lines International Associa- 
tion, serving the North 
American cruise market 

With an extra half-million 
people taking to the sea this 
year and the dominant 
North American market 
expected to almost double 
to more than 8 million pas- 
sengers during the decade, 
more liners are on order to 
meet the demand. 

Shipyard workers in 
Papenburg, Germany, for 
example, are putting the fin- 
ishing touches on the 5296 
million, 67,000-ton Oriana, 
the first cruise finer specifi- 
cally designed for the 
British market This market 
is expanding by 15 percent 
a year, while the much big- 
ger North American market 
has been growing at 10 per- 
cent a year. 

Cunard says bookings for 
the QE2, with its new 
“health farm,” are up 90 
percent over last year. Cur- 
rently on the Singapore leg 
of its around-the-world 
anise, the QE2 will resume 
its popular Adantic runs in 
April from Southampton, 
then slot in special "new- 
comer cruises.” 

The new generation of 
boats has not been convert- 
ed but is custom-made for 
cruising. Some are huge. 
The future superliner of 
Carnival, the market leader, 
will have 2,600 berths. 

When the Oriana sails 
from Southampton on its 
inaugural cruise in April 
next year, it will mark a 
new chapter both for the 
venerable P&O tine, which 
invented cruising in 1848, 
and for what is now a glob- 
al phenomenon in travel. 

Even before the high-tech 
Oriana, with its record deck 
space, 17 public rooms and 
capacity for 1.900 passen- 
gers, will come Carnival 


which caters to Japanese 
and Asian cruisers in the 
Pacific. Other newcomers 
are Radisson’s Diamond 
and Ruby, both luxury cata- 
marans. 

Orient Line's new Marco 
Polo will be taking up to 
850 passengers on 11 Pacif- 
ic cruises, including an 1 8- 
day “Imperial China” trip 
along the Yangtze to Zhen- 
jiang Province, the Grand 
Canal city of Wuxi, the 
Ming Dynasty capital Nan- 
jing and Shanghai, with a 
three-night hop to Beijing 
thrown in. 

Pearl one of the liners of 
France's PaqueLCruises, 
now in the Far East year- 
round, will include an 
“Essence of China” trip 
among new itineraries. 
Seven Seas Cruise Line's 
Song of Flower is calling on 
Ho Chi Minh City, while 


New stops : 
Da Nang and 
Ho Chi Minh 


City 


Royal Cruise Line will dis- 
embark at Da Nang, the 
port for Hue. 

More ships are heading 
for Alaska than ever before. 
Princess Cruises, the 
biggest operator there, now 
has six ships and 105 depar- 
tures. 

Norway's Royal Carib- 
bean Cruise Line will place 
a second ship, the Sun 
Viking, in Alaska for the 
summer, joining the Nordic 
Prince. Holland America is 
expanding its program to 96 
Alaska sailings with the 
introduction of the Maadam 
to the Inside Passage and 
the Noordam and Nieuw 
Amsterdam to the Gulf of 
Alaska glacier route. 

The number of cruises 
transiting the Panama Canal 
has almost doubled, while 
the southern Caribbean is 
drawing more ships in addi- 
tion to those packing island, 
ports farther north. Royal 
Caribbean, which posted a 
record $148 million profit 
last year, has three new ves- 
sels on order for 1995-96. 
Tnese boats follow the 
recent. French-built Ma- 
jesty of the Seas. 
Fly-cruise deals mean- 


that it is cheaper in many 
r- ■ r ■ , „ — cases lo Ay to the Caribbean 

Cruise Line s ...200-pas sen- from Europe and join a 

PP.r Formation Ur. I.,-. cruise ^ ^ 


ger Fascination, Holland 
America’s 1 ,266-passenger 
Ryndam and the 295-pas- 
senger Silver Cloud and Sil- 
ver Wind, part of the new 
generation of up-market 
smaller boats led by 
France’s Club Med II. 


around the Mediterranean. 
Even so, more than 1,000 
cruises are planned in 1994 
in Europe and the Mediter- 
ranean. with the Black Sea 
now added on. 

A.T. 












INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, MARCH 5-6, 1994 


>okkeef 
jso is fh 


iropcan A 


have nsdu 


UISES 


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Page 21 


advertising section 


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'V£ 







Channel Tunnel Service to Boost European Rail Travel 



he first yellow- 
nosed Eurostar 
trains, carrying 
up to 794 pas- 
sengers, wm puD out of the 
gleaming new Waterloo 
international station in 
London and the revamped 
Gare du Nord in Paris a 
few weeks after Queen 
Elizabeth and President 
Francois Mitterrand offi- 
cially inaugurate the 
Channel link by taking 
the Calais-Folkestone 
shuttle service cm May 6. 

Eurotunnel’s Le Shuttle 
freight service should be 


operating before this cere- 
mony, probably by the end 
of March. Motorists, paying 
a round-trip fare of £220- 
310 ($325-455), will begin 
using the passenger shuttle a 
few days after the May 6 
opening. Fares will drop in 
the summer. The Eurostar 
through trains of British 
Rail and France’s SNCF 
begin in the summer, with 
fares yet to be announced. 

If estimates prove correct, 
19 million to 23 million 
passenger journeys will be 
made on the three-hour 
London-Paris and Paris- 


London routes by die end of 
the decade. The trip to 
Brussels will initially be 15 
minutes longer, but will be a 
half-hour shorter when the 
Belgian high-speed line is 
completed in 1996. 

The tunnel marks a new 
era of European rail travel 
and follows the develop- 
ment of other high-speed 
networks in France, 
Germany. Italy and Spain. 
These will be linked up later 
with the tunnel service and 
provide serious competition 
for airlines on journeys of 
over 500 kilometers (300 


miles). Already, first-class, 
inter-city train travel is up to 
75 percent cheaper than 
flexible airline fares. In 
addition, it is not restrained 
by congestion, the curse of 
European airports. 

Gunther Ellwanger, high- 
speed director at the Paris- 
based Union Internationale 
des Chemins de Fer, says: 
“The tunnel marks the 
advent of a real internation- 
al high-speed network. 
Until now, we just had the 
French TGV going to 
Switzerland or the German 
ICE train to Zurich. Many 


more lines will be built by 
the end of the century, 
notably into Germany, then 
into Spain and Italy.” 

The volume of train traf- 
fic will be far greater than 
the 3 million passengers on 
the London-Paris air corri- 
dor. The railroads expect to 
absorb 40 percent of airline 
business. 

The £8.6 million tunnel is 
opening a year late, but 
everything now seems in 
place, notably the £1 billion 
Waterloo terminal, proof 
that the British are great sta- 
tion builders, even if they 


have dithered over a coast- 
to- capital high-speed line. 
The £3 billion line to Kings 
Cross-St. Pancras will not 
be ready until the end of the 
century. 

Nevertheless, all else is 
ready, including bilingual 
train drivers. Eurostar t rains 
will have phones, faxes and 
meals supplied by a British, 
Bench and Belgian consor- 
tium. French specialists 
Wagon Lits will supply 
meals that marry French 
culinary skills with comput- 
er-aided delivery. 

A.T. 


New Pacific Battle Is Over Airline Reciprocity Rights 


I . n December 
1993, Australia 
and the United 
States ended a 
lengthy airline dispute 
that threatened travel 
between the two coun- 
tries. The agreement, 
however, merely marked 
the end of one skirmish 
over what looks to be a 
long air war over the 
Pacific. 

Mainly, the battle pits the 
American mega-airlines 
against Asian carriers. The 
issue is bilateral treaties, 
especially over different 
interpretations of such 
arcane aspects as fifth-free- 
dom rights, or “beyonds.” 
TheSfe'give an airlinfc'rights 
to pick up passengers in a 
foreign destination and take 
them “beyond,” to a third 
destination. 

The prize is traffic rights 
on the profitable Asia- 
Pacific routes. Aviation 
experts, predict the greatest 
growth in air traffic over the 
next decade will be in the 
Asia-Pacific region, which 
is expected to account for 
51 percent of global travel 
by the year 2010. Airlines 
worldwide are eager to get a 
share of this high-revenue 
traffic. 

Asian airlines complain 
that current pacts, signed 40 
years ago when most travel 
was from the United States, 
benefit foreign carriers 
because they have fifth- 
freedom rights. Now, the 
Asians point out. the high- 
growth region has changed 
mom one receiving visitors 
to one generating air travel- 
ers. 

Under the treaties, the 
giant U.S. carriers have 
fifth-freedom rights and can 
pick up passengers in cities 
such as Tokyo, Taipei, 
Seoul and Hong Kong for 
other regional destinations. 
Asian airlines contend that 
the Americans are abusing 
the privilege and grabbing a 
major share of traffic with- 
in the region. 

The American-Austrahan 
dispute, which concerned 
flights via Japan, highlight- 
ed the airline battle. In May, 
Australia ordered North- 
west Airlines to cancel one 
of its three New York-Syd- 
ney flights through Japan, 
claiming it violated regula- 
tions stipulating that it pick 
up no more than 50 percent 


This advertising section 
was produced in its entire- 
ly by the supplements divi- 
sion of the International 
Herald Tribune’s advertis- 
ing department. • Garry 
Marehant is a Hong Kong- 
based writer who special- 
izes in Asian political. 

financial and travel affaire. 

• Terry Swartzberg is a 

Munich-based business 

writer. • Alan Tillier is the 
author of “Guide to Busi- 
ness Travel Europe” and a 
contributor to The Times ; 
of London. 


of its passengers during the 
stopover. Washington 
threatened to cancel three of 
Australian flag carrier Qan- 
tas Airways' 10 weekly 
nonstop Sydney to Los 
Angeles flights. 

The dispute is region- 
wide. Japan, in particular, 
objects to the 1952 accord 
According to airline 
sources, U.S. carriers occu- 
py 48 percent of Narita air- 
port slots, using a third of 
those to operate fifth-free- 
dom services beyond Japan. 
Hong Kong, which is nego- 
tiating bilateral agreements 
separately from Britain, and 
Thailand also want to rene- 
gotiate fifth-freedom rights. 

The OrieiitAirlines Asso- 
ciation, which represents 15 
regional carriers, plans to 
challenge the whole struc- 
ture. which it feels is an 
unfair relic of a former era. 

The American carriers 
regard OAA attempts to 
restrict American airlines as 
harmful to the industry. In a 
speech in February, United 
Airlines executive Dave 
Solloway told Hong Kong 
businesspeople, “The asso- 
ciation must decide if it wifi 
continue with emotional 
outcries against non-Asian 
carriers or work for the bet- 
terment of aviation in Asia 
for all airlines and con- 
sumers.” 

The airlines are still far 
apart in their interpretation 


of the situation. “Asian car- 
riers view ‘beyond’ rights 
to other countries as the 
same as domestic within 
North America,” explains 
an aviation consultant. ‘The 
Japanese look at beyond 
Japan as if it were within 
the U.S. and Canada. They 
want to pick up passengers 
in Los Angeles flying to 
New York, for example” 


U.S. carriers 


occupy 

48% of Narita 
slots 


American carriers object 
“That is a domestic flight, 
like us flying passengers 
from Tokyo to Osaka 
would be,” says an official 
for a U.S. carrier. “In every 
bilateral, there are disad- 
vantages to both carriers, to 
both sides. It isn’t unbal- 
anced at all. That is why 
after 40 years it is still in 
existence.” 

U.S. airline officials also 
claim that the majority of 
passengers on their carriers 
are still Americans traveling 


to Asia, rather than vice 
versa. “About 70 percent of 
our traffic is Americans. 30 
percent mixed,” says one. 

While airlines scrap over 
routes, Asian governments 
are caught between the 
demands of their tourist 
industries and of their carri- 
ers. In Indonesia, tourism 
officials and hoteliers 
would like to open the 
country to foreign carriers 
to attract more visitors. 
National airlines such as 
Garuda and its domestic 
subsidiary Merpati. howev- 
er, fear being overwhelmed 
by giant foreign carriers. 

The Philippines is consid- 
ering reversing its current 
policy of reciprocity and 
giving access only to air- 
lines from countries that 
allow in the flag carrier 
Philippine Airlines, The 
country is considering a 
“partial open skies” policy 
that would open key air- 
ports outside the capital to 
any foreign airline. 

Meanwhile, as in every 
major international war. air- 
lines worldwide are forging 
alliances. U.S. carrier Unit- 
ed Airlines has formed a 
partnership with Germany’s 
Lufthansa and Thai Air- 
ways, while Delia is joining 
forces with Singapore Air- 
lines and Swissair. 

These far-reaching 
alliances involve code-shar- 
ing (coordinating reserva- 


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tions, scheduling, ticketing 
and check-in), marketing, 
joint promotions and adver- 
tising as well as frequent- 
flier programs. Some also 
include round-the-world 
fare packages, tours and 
transfer of passengers and 
baggage, shared cargo facil- 
ities and even joint purchas- 
ing of basic items like blan- 
kets and cups. 

In late February, Stephen 
Wolf, chairman and chief 
executive officer of United 
Airlines, met Thai Airways 
President Thamnoon Wan- 


glee in Bangkok to discuss 
a comprehensive marketing 
agreement “We anticipate 
that this agreement when 
completed, will provide a 
vehicle to strengthen Unit- 
ed’s presence in a very 
dynamic part of the world 
through a partnership with 
one of the world's most 
highly regarded carriers,” 
said Mr. Wolf. 

With such partnerships, 
the battle for the Asian skies 
takes a new, and complex, 
course. 

Garry Marehant 





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International Tourism Exchange 5-10 March 


The world tourism fair 


A fresh impetus for the tourism 
industry 

If you want to make sure of your share 
of international tourism business, don't 
miss the ITB Berlin. It's where the impor- 
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Everything points to further 
expansion 

About 4,000 exhibitors and 50.000 travel 
trade professionals set a new attendance 


record at the ITB Berlin, confirming its 
importance for international business. 
91% of exhibitors had already announ- 
ced their intention of attending in 1994 
during the ITB 1993. 

Future prospects for tourism 
The ITB Berlin 1994 again provides a 
trade fair and congress under one roof, 
augmented by the new Research Centre, 
linking theory and practice. 


Messc Berlin GmbH 

Messedamm 22 ■ 014055 Berlin 

Tel- [0)30/3038-0 Fax (0)30/30 3B-21 13 


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Page 22 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUIVDAYgJVIARggj^J^g^ 


SPORTS 


His Airness of the NBA 
Becomes His Erromess 


Compiled by Our Staff From Dispatches 
SARASOTA, Florida — Had 
this been the debut of any other 
minor league player, it would have 
passed unremembered. Most 
wonld try to forget it 
Michael Jordan, the world’s 
most famous and most chronicled 
baseball rookie, went hi (Jess in 
three at-bats against virtually mi' 
nor league pitchers Thursday, strik- 
ing out twice in the Chicago White 
Sox’s intrasquad game. 

He nearly got a hit his Gist time 
up, when he roped a fastball to left- 
center field off the best pitcher he 
faced, James Baldwin. But WaiTen 
Newson made a sliding catch. 

StilL if the crowd of 1,736 at Ed 
Smith Stadium remembers any- 
thing about Jordan’s performance, 
it will not be his near hit, it will be 
his near catch. Jordan dropped a 
fly ball to short right field that 
scored the go-ahead run. 

“1 wanted to catch the fust one 
because everybody is sitting there 
thinking once they hit it to me, how 
will I respond?" he said. “And I 
knew that, and I jnst didn’t respond 
like 1 wanted. I'm glad I got anoth- 
er one hit to me so T left with people 
knowing that I can at least catch 

ik. U_11 *> 


the ball." 


Jordan, whose nine-year Nation- 
al Basketball Association career 
saw precious few days filled with 
such pratfalls, took it all in stride, 
just as be has everything associated 
with baseball's most ballyhooed 
tryout. 

“I knew everyone was looking at 
me and 1 didn't want to make any 
mistakes," Jordan said “Fve made 
a lot of mistakes — Tve made a lot 
of turnovers in my game — but 
every little one is crucial in this 
game. 

He was even upbeat afterward 
taking comfort that he was able to 
see pitches better, even if they were 
speeding by him. 


“1 saw it as a good thing , seeing 
what it was like in a baseball 
game," said Jordan, who had not 
played in a game since his senior 
year in high school The crash 
course in hitting, in Adding on bru- 
tal windy days, they were needed, 
too, he said, as learning aids. 

There were some nerves, Jordan 
admitted what with the whole 
world seemingly watching his de- 
but 

"The open Add the tenseness 
that you feel out on the Add, it 
plays on your mind a little bit” he 
said “You're trying to think about 
the game, think about what your 
responsibilities are. What if Lhe ball 
is nit to yoa, if there’s a man on 
first where do you throw it?" 

Jordan said he even watched 
what other players did in the dug- 
out making sure to put his glove in 
the right place. That is a part of 
baseball etiquette because players 
often retrieve the gloves of a team- 
mate who is running the bases at 
the end of an innin g. 

“A lot of players maybe don’t go 
through that thinking because of 
their experience, but being as that’s 
the first rime I’ve been out there, I 
found myself trying to make sure 
I'm doing what’s right," Jordan 
said 

Wanting to do the right thing 
and doing it is not always easy. The 
error charged to Jordan proved 
that It came in the fifth inning , 
when Joe Hall the game's other 
right Adder, sliced a ball into shal- 
low righL The ball drifted toward 
the line. Jordan, playing deep, re- 
acted but took a circuitous and 
tentative route to the ball. He near- 
ly overran it, then failed to corral it 
with an awkward basket-catch 
dose to his chest 

As the ball bounded away, the 
fans in the crowd groaned 

“Next time I play. I will feel 
more comfortable knowing that I 
made at least one mistake, and 


struck out already, and next time it 
won’t be quite as embarrassing,” be 
said 

If he doesn't make the White Sox 
roster by the end of spring t raining, 
Jordan said he would go to the 
minors for as long as two years, but 
no longer. 

“I must go out and continue to 
improve and hopefully I can prove 
my critics wrong," be said, “but I 
can't let them get into my head and 
put doubt in my head, because 
then, I might as well quit." he said 
(NYT, LAT) 


■ $7.5 Million Sophomore 

Tim Salmon signed a $7.5 mil- 
lion, four-year contract with the 
California Angels, the richest con- 
tract for a second-year player in 
baseball history. The Associated 
Press reported 

“I fed awkward about it," Salm- 
on said in Tempe, Arizona, where 
the Angeles train. “A year and a 
half ago, I was in the minor leagues, 
□ever dreaming I'd be in this posi- 
tion so soon, or ever.” 

The previous record for a sec- 
ond-year player was set by the Los 
Angeles Dodgers' Mike Piazza, 
who recently signed a three-year 
deal for $42 million. 

Piazza's contract works out to 
$1.4 million per season, while 
Salmon’s will average almost S1.9 
million a year. Each won the rook- 
ie-of-the-year award in Iris respec- 
tive league. 

The Angels, apparently trying to 
usher in a new era in their rocky 
history of player relations, also 
signed outfielder Chad Curtis and 
shortstop Gary DiSardna to three- 
year contracts! 

Curtis signed for $4.5 million 
and DiSareina for about $2.6 mil- 
lion. 

By agreeing to their multiyear 
deals, all three players surrender 
their right to file for arbitration 
during the life of their contracts. 



fen 


Vincent Book on Deck! ^ . pur 
To Take Last Licks ^ 


By Richard Sandonrir 

jV« York Times Service 

NEW YORK — In a proposal for a memoir 
about his three years as baseball commissioner. 
Fay Vincent snipes at such high-profile owners 
as George M. Stembrconer IH, Peter O’Malley, 
Jerry Rdnsdorf and Bud Sdig. describes Bart 
Giarnattfs unhappiness as National League 
president before becoming c ommissi oner and 
says unequivocally that Pete Rose gambled an 
baseball 

The 40-page proposal is far a book called 
“And The Horse They Rode In On: My Tumul- 
tuous Years as Baseball C ommissioner ." which 
would be written with David Kaplan of News- 
week. The title refers to a favorite phrase of 
Giarnattfs. 

According to the proposal cncnJated among 
publishing houses by the W illiam Morris Agen- 
cy, bidding will start at $300,000 in a coming 
auction. 

Proposals are come-ons to publishers, part of 


.. • fi. ^ 

“Just say Fm not writing it,” he said. “You < *’ „ 

did not get the proposal legitimately. Fm upset 0 
that you would do this, and 1 don’t want tobe - ! 

part of it This tells me the publishing industry £j m . 
is filled with bad people.” -I 

Even if he does not write the book, thei ?*- yi 
proposal provides the most candid assessment ■ 
of baseball's hierarchy from Vincent ever wl! v ; r 
become public. '■ ■■ : "t 

Vincent writes that Rdnsdorf, the owner of 1 '-Jr 
the Chicago White Sox, is “dangerous” and': 
blames him more for “the poor state of baseball . 
than anyone else:" -a V>' 

Rdnsdorf refuted the characterizations and s'*. 
said: “Pay is apparently bitter. I don’t harbor* 
any personal animosity to him. My problem 1 
with him was job performance. If be chooses to" *pr- - 
write a book. I don’t think it will enhance his t 


V’. ■* - 
. L‘ - 


13^ 


ion. He'd be better off putting it aH- 
him.” 


Vincent calls Bad Sdig, the owner of the-'* 
Milwaukee Brewers and the interim commits 


the process of selling the rights to a book, the 
haroseDioeetthemostmonevforanauthor.lt 


interim commis-^ 
« 


Mm Swart/Tbc Amodued Ptm 


Michael Jordan, who struck oat twice, fared Bttk better in the field. “I knew 
everyone was looking at me and I (fidn’t want to make any mistakes,” he said. 


hard seD ic get the most money for an author. It 
is in the author's best interest to present as 
many of the best, juiciest and perhaps hyper- 
bolic opinions in the proposal to gain maxi- 
mum attention. Sometimes, dements contained 
in a proposal do not survive publication. 

The proposal consists of Vincent’s snapshot 
impressions of his stormy tenure as baseball 
commissioner, which began in September 1989 
after the death of Giamaiti, and a long narra- 
tive about the Rose case. 

Vincent resigned in September 1992, under 
pressure from owners who often bitterly dis- 
agreed with him over such issues as labor rela- 
tions. divisional realignment and division of 
expansion fees. Major league baseball has not 
yet elected his successor. 

Reached Thursday at his home in Green- 
wich, Conn- Vincent said he had approved the 
proposal bat distanced himself from its gtib, 
often unpleasant tenor. 

“I wouldn't put much stock in the tone," he 
said. “It’s not my style. We have a lot of work to 
do before we write the book. Fm sore the book 
will be different." 

He added: “It's not my intention to be re- 
vengefnL" 

But upon learning that excerpts from the 
proposal would be made public, he abruptly 
said he would not pursue writing the book. 


Vincent on Jerry 
Reinsdorf, owner of the 
White Sox: Dangerous.’ 
Reinsdorf on Vincent: Ta) 
is apparently bitter.’ 


Alerting AL: Here Comes Angry Randy 


By Murray Chass 

New York Junes Service 

PEORIA Arizona — Two reasons for Amer- 
ican League hitters to fear the sight of Randy 


Johnson this year: He expects to pick up where 
he left off last season, and be does not think he 


he left off last season, and be does not think he 
received the proper recognition for what he 
achieved last year. 

M I haven’t got a whole lot of respect from my 
peers," Johnson said. “I don't need to be re- 
spected by them, but they have to face me." 

Coming from a 6 -foot, 10-inch long-haired 
pitcher whose left arm flings the ball at speeds 
of 95 miles an hour and faster, those words 
should strike even more fear into the minds and 
hearts of the people who see Johnson from a 
distance of 60 feet 6 inches. 

Speaking at a closer distance before the Seat- 
tle Mariners worked oat, Johnson sounded like 
a pitcher who no longer has any doubts about 
his talent and what he can do with it Some who 
hear or read his words might see them as the 


output of a huge ego, but they are warranted. 
With his performance last season, especially in 


With his performance last season, especially in 
the latter part, Johnson gave notice that he is 
ready to become the d ominan t pitcher in the 
American Leag u e. 

“Roger Gemens was the power pitcher of the 
’80s," Johnson said. “I feel Fm craning into my 
own and can be the same type erf pitcher." 

Johnson, whose wildness and inconsistency 
have delayed his ascent to that height, led the 
major leagues in strikeouts (308), stakeouts per 


nine innings 1 10.9), fewest hits per nine inning s 
(6-52) and batting average against (203). His 
strikeout ratio was the fourth highest in base- 
ball history, and his 1 17-slrikeout lead over 
Mark Langston, the runner-up, was the fifth 
largest lead in baseball history. He also was the 
first left-handed pitcher to strike out 300 since 
Steve Carlton of the Phillies in 1972. 

Perhaps just as impressive for what it indicat- 
ed, Johnson did not lead the American League 
in walks for the first time in four seasons. In 
fact, he pitched 45 more mnmgs than the year 
before and walked 45 fewer batters. But he did 
lead the league by hitting 16 batters with pitch- 
es, which might not have been a negative devel- 
opment. 

“Most of the batters in this league know I can 
be effectively wild," the 30-year-old Johnson 
said. “I understand Aram Dave Valle, who used 
to be my catcher, that batters don't want to face 
me. I throw hard, and I can be wild. Batters 
have to stay on their toes. They can’t dig in on 
me because they don’t know where the ball is 
going." 

One of Lhe highlights of last season was the 
confrontation between Johnson and John Kruk 
in the All-Star Game. After a pitch sailed well 
over the left-handed Kruk's head, he swung 
meekly and wildly at two more pitches ana 
wenL gratefully back to die dugouL 

“The John Kruk thing was a little comedy 
thing," Johnson said. “But it wasn't funny 
when I hit Mike GreenweD in the head. If 


batters don't fed comfortable up there, Fve 
won half the battle. The other half is getting 
them out I want the hitter to know when he 
comes to the plate; it's going to be one of the 
toughest at-bats he has.” 

As fearful as be makes the hitters, Johnson 
feds they showed snubbed him when they elect- 
ed Jimmy Key of the New York Yankees the 
left-handed pi tcher on The Sporting News’s all- 
star team. Key had an 18-6 record and a 3.00 
earned run average, while Johnson had a 19-8 
record and a 324 ERA. 

“Maybe they forgot Fm a left-hander or they 
don’t know where Seattle is," Johnson said. He 
also feels he was shortchanged in the voting for 


the Cy Young Award, receiving 6 First-place 
votes to 21 for the winner. Jack McDowell But 


votes to 21 for the winner. Jack McDowell But 
baseball writers do that voting, and none of 
them would be foolish enough to stand 60 feet 6 
inches away from Johnson's left arm. 

On the other hand, Johnson noted that many 
of the league's left-handed hitters, including 




ip- '3jF ■ '<*- ' • - • --v*d 


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Z 7 ? 15 . -s' . 



John Oterud, Wally Joyner and Mo Vaughn, 
disappear from the lineup on days he pitches. “1 
guess that’s a form of respect," he said. “Don 
Mattingly is the only left-hander who wants to 
hit against me." 

There was a game last July, though, where all 
of the Cleveland Indians enjoyed hitting against 
Johnson. They battered him for eight runs in one 
and one-third innings, prompting Manager Lou 
Pinklla and Sammy Ellis, the pitching coach, to 
summon him to a dosed -door meeting. 


LCSO? W^j /Tlie Annft in ^ Perm 

Randy Johnson on hitters: “I don’t need to be respected by them, bat they lave to face me.” 


“They said C had to step up my work pro- 
gram," the pitcher related. “1 have to work 
harder than other pitchers because Tm a power 
pitcher, and Tm taller so I have to work on my 
mechanics more. I did that in the second half, 
and it paid dividends." 

In his last 10 starts, from Aug 14 on, John- 
son compiled an 8-0 record and a 2. 14 ERA and 
struck out 103 in 84 inning s. 


“1 don’t fed there's anybody in this league, 
who can do the thing s I can do," Johnson said. 
“As Nolan Ryan said, ‘I can carry a team for 
nine innings, and I have the potential to pitch a 
no-hitter every time I go out there.' Nolan is 
gone now. He’s given me his imprint that he 
feds if anybody is going to duplicate some of 
the things he’s done, it’s me. 1 take that as the 
biggest compliment anybody can give me." 


sioner, a “anall-town schlepper" who, along-, 
with Remsdorf, is “the emblem of basebalTs 
decline." : - 

“I have no comment other than that 1 find all - 
this very sad,” Sdig said from Chandler. Arizo- ’ 
na, whore the Brewers are training 
In describing the principal owner of the Yan*-, 
kees in the proposal Vincent calls Stembrenner j 
“the most hated man in basebaD." 

During negotiations that led to Vincent's ■’ 
banning Stembrenner from baseball in 1990, j 
Stembrenner was asked if he was being “Machi- \ 
avdtian." He responded, Vincent says in the j 
progc^^r saymg: “Who’s he — a famous ; 

A spokesman for Steinbrenner said he could j 
not be reached for comment. j 

Vincent lashes oat at O'Malley, the Los An- j 
geles Dodgers owner, as a “nitwit" mid a “Mg- ? 
OL" 

Through a spokesman, O’Malley declined to \ 
comment on Vincent's remarks. i 

During the 1989 earthquake in San Francisco ; 
that interrupted the World Series, Vincent ■ 
writes that ms suggestion that each team con- j 
tribute $50,000 to disasta relief was met with ! 
anger by O’Malley. : 

Vincent takes aim at Bill White, the just- j 
retired National League president, by saying j 
White “is a good man" but “incompetent” i 
“I don't want to gel into it," White said when j 
reached at his home in New York. “I suggest • 
you talk to people where he’s worked before, if : 
you want to talk about incompetent" 

According to Vincent, Giamatti, who sue- - ' 
ceeded Pieter . V. Ueberroth as commissioner in-r „ 
April 1989, had been frustrated in his previous^ 
position as National League prerident and tried* 
to leave within weeks erf taking over in 1987. " 
Several weeks into Giamatti’s tenure, Vm-"- 
cent writes in the proposal Giamaiti called - 
him, shouting about bow he hated the job and 
that he was bored. Vincent says that Giamatti ^ 
applied to be head of the Rockefeller Founda-_* 
tiraL Giamatti last the Md but grew to enjoy the 7 
National League presidency because of his* 
dealings with umpires. 

Vincent says that Giamatti coveted the office-, 
of commissioner and worked behind the scenes 
to accelerate Ueberroth’s departure. . • 

Vincent describes Giamatti “tunneling be-* 
neath whatever foundation Peter was establish- 
ing among owners” and trying to discredit? 
Bobby Brown, the American League president, 
whom he saw as his only competition. 

Most owners, he says in the proposal believe ' 
that they must destroy the players union as the -’ 
“Anal salvation" of basebalTs economic future. 


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CALVIN AND HOBBES 


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SPORTS 

Big Ten Showdown 
Set 0s Purdue Wins 


INTERNATIONAL HERALD TRIBUNE, SATURDAY -SUNDAY, MARCH 5-6, 1994. 


Page 23 


<;*"•! ’ 4 ^„ 9 The Associated Press 

kl The «W5 of the Kg Ten’s junior 

tn bad pcor:, coofereace title on the fee 

JjLfS. " vl - ' ^f^Glean Robinson, the 

fwiucs tfc- r: ,. : .- r s leading collegiate scorer, g0 t 3 i 
it n,er «d'o ^ points Thursday night to lead the 

' ■■ -$« j, • nmth-ranked Boilermakers to an 86- 
*"£* teas R r - ... ' * 70 victory over No. 18 Minnesota. 

P ».T«e S r "V n Hat pot Puriue (24-4, 12-4 Bi® 
smortrier -j.— - Ten) a half-game behind No. 3 

* ciw-“ ' " r s '<* • K ' Michigan (12-3). the school with the 
ft refuted '.S ... * junior dass that has reached consec- 


Hawks Romp, 
Stay Unbeaten 
With Manning 


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They play Sunday in Ann Arbor, 

COLLEGE BASKETBALL^ 

Michigan, the Wolverines craning 
off a 71-58 loss to Wisconsin. 

“I was feeling pretty good,” said 
Robinson, who bettered the 30- 
point mark for the 13th lime this 
season and, with 12 rebounds, post- 
ed his 15th double-double of the 
season. “Last night after we saw the 

score and that Michigan lost, I kind 
of goL fired up.” 

He was just over his 29J average 
and finished ll-for-17 from the 
fidd. 

“We tried to find a way to stop 
GUctm, to the right, to the left, 
down the gut, we couldn't find a 
way to stop him,” said Minnesota’s 
coach. Gem Haskins. 

- Cnonzo Martin added 20 points 
jPd Malt Waddell got 12 plus a 
career-high 10 assists for the Bofler- 
makere, who scored 16 of their final 


w u n manning 

u ! . y*®. no one-man team," C/ 

TheAssenmd Frets 

flol together can break your back." Dminy Manning, for the first time since he 
Vosbon Lenard topped Minne- wa5 a collegian at Kansas, is once again the go- 
sota (19-10, 9-7) with 17 points. to guy on the best team in the conference. 

“We played with some pride.” Manning had 22 points, 13 rebounds and 7 
Keady said. “We have to have a ** **“ Atlama Hawks won their fifth 
good seed” in the NCAA touma- stra isfo Thursday night, bearing the Washing* 
menL “We’d like to make that a big Ion ® u ^ els » 109*98. Atlanta hasn't lost since 
factor for us and the Big Ten chain- obtaining Manning from the Los Angeles Oip- 
pionship is stiO alive.” pers and has opened a 216-game lead over the 

Na 8 Arizona 9& Nov York Knicks in the EasL 

62: The Wildcats 04-4 SxpS ^ h* wo or three games here, he’s really 
10) took a ono^e’S £ go^outofliis 

* SSTfiftS _ ^AmGHUGHrs ar^s 

moT Koncal - “ Bm ™ fonnh qmner, when we 
QWceeSS^ n^edbig baskets, he's come in and done that, 

^KhaM a Tfiat ' s wbal Manning did against the Bullets 

when they got Hawkshad just a onc- 

fra/^^wWchSSSL 25 Po^t lead befrae Duane FeneUduiked on a 

pass from Manning to begin an 8-0 run that 
EK Washmgtoo State ^ u 102-93 1 with 3:0 SrfL Maiming had 

RidmdS^h^^caS BuBetl dScd to 104-97, Manning 

hit two straight jumpers to seal iL 

SSawksf23-6 "n»at’s what we need from him," Koncak 

oSSfSl 2 said. “We oeed a guy to move the ball through- 

out the game, and then when the game’s onthe 
SKri£wlSSSrM7 eD ^ d ^tostepopandmakethebig^ote." 

their lasr% «• m Mannmg’s seven assists were a team-high, 

their last 30 games at Kansas. “?e s nn»Ta« hp «««« dwd 



Na 8 Arizona 95, Washington 
The Wildcats (24-4, 13-3 Pac- 

irA 1 ?? lead over 

u t.LA for first place in their con- 
ference by winning their seventh 


Another Twist: 
A Man Attacks 
Harding in Park 


Greg Ostertag, who had 17 
points, set a Kansas season record 
for blocked shots with his 73d. 
Southern Cal 85, No. 15 UCLA 


“It’s not like he wants to shoot every time. He 
likes to get everybody involved, and that’s a 
tribute to him," said Duane FerreO, who scored 
21 while subbing for the Hu-ridden Kevin Willis. 
In three games since the trade, Manning is 


It’s a Lesson 
In Humility 

Los Angela Tima Service 

It was a big day for the kxn- 
•dergartners at Ponderosa Ele- 
mentary School in Post Falls, 
Idaho, when quarterback 
Mark Rypien of the National 
Football League’s Washing- 
. ton Redskins came to visit. 

Rypien entered the class- 
room with a police officer, 
Pete Marion, who is the 
school’s Drug Awareness. Re- 
sistance and Education officer. 

Teacher Mary Rohlman 
asked, “Children, do you 
know who this is?” 

• In unison, the children 
shouted back, “It’s Officer 
Pete!” 


^frSTeSS: “ '“■~ S 

KsSSr? ^awaasaKSssts 

five games against UCLA at the make something happen.” 

Sports A rena. Brandon Martin had .. . .« *■»», , 

19 points and Mark Rqyd added 17 *J5E» W ^ ShaquiUe O’Neal 

as Southern Cal avoged a 101-72 «»r«r43 pornts, six bdowhis career-lngh, and 
loss earlier in thereasSa S <X ^? 6b 

Tyus Edn^ had 20 points and with 2:44 togpmMlas. 

six assists fra UCLA (ST 12-41 Cmea^playrng against an overmatched and 

which has split its last 10 gams £”f lf lme ’. *“.“5 

and has coidoenre games leftwUh ^amstlhe Mavencks smee Michael /ordan 
Oregon and Oregon State. had 43 in 1990. 

Na20Cdfonna82,Oregon73: Knkks 97, Nets 86: A close game in New 

Lamond Murray had 26 points and York turned into a root in the fourth quarter as 
Jason Kidd had 25 as the Golden ^ Kmcks opened the period with a 15-0 run. 
Bears (20-6. 11-4 Pac-10) reached G^S Anthony scored 18 points for the sec- 

20 victories for the 12th time in 00(3 consecutive game after losing his starting 
school history. Kidd had five as- spot to Derek Harper. Patrick Ewing added 28 
asls and broke the conference sea- points and 16 rebounds. 

son record with 249. Orlando Wfl- Warriors 120, Suns 107: Muhin made 1] of 
hams had 22 points for the visiting 13 shots from the fidd and scored 25 points as 
Ducks (9-15, 5-1 OX who lost to Cal Golden State, playing at home, led almost the 
for the fifth straight time. whole way. 

Ncl 24 Afa--K mringhra fU t Tiny. Avoy Johnson made his last seven shots to 

ton 53: Robert Shannon made five finish with a season-high 23 points on 10-of-13 
^pointers and finished with 2S shooting; Phoenix shot just 43 percent 
points as the Blazers (21-6, 7-4 “Rigjit now, we don’t deserve to be consid- 
Great Midwest) held the Flyers (6- ered one of the best teams in the West” said the 
19, 1-1 1) to 34 percent shooting. Suns’ coach, Paul Westpbai 



Joe Giza/Rcmcn 

Danny Manning was out of sight against the Bullets, especially their Mitchell Butler. 


One Big Mac 9 Small Fries and a Ball Bat, Please 


The Associated Press 

CHICAGO — What would Ronald Mc- 
Donald have said? 

Forward Clifford Robinson and guard 
Rod Strickland of the Portland Trail Blazers 
were arrested Friday after a minor traffic 
accident evolved into a pushing and shoving 
match in the parting Ira of a McDonald’s 
restaurant police said. 


Strickland, who attended nearby DePaul 
University, and Robinson were charged with 
simple battery, a misdemeanor, and released 
after posting $100 cash bond, police said. A 
court date of April 27 was seL 
'Die Trail Blazers were in town to play the 
Chicago Bulls on Friday night The Bulls 
have been the best of hosts recently, losing 
three straight at home. 


.‘.■its. 
• - 


SIDELINES 


BEAVERTON. Oregon — 
Tonya Harding, the UB. figure 
skater embroiled in the attack on 
her rival, Nancy Kerrigan, has her- 
self been assaulted in a city park 
near the apartment complex were 
she has been staying with friends, 
police said Friday. 

Harding suffered scrapes and 
bruises and a sprained wrist in the 
attack, which occurred about 11 
PJVL Thursday. Police said it was 
possible she was targe ted. 

“1 am sure she is in some discom- 
fort emotionally and physically but 
otherwise is fine,” said a police 
spokesman, Mark Hyde. 

Harding told police she was 
walking from her pickup truck 
through McMfilen Park to the 
apartment of John and Stephanie 
Quintero, with whom she has been 
living since leaving her former hus- 
band, Jeff Gffloory, when a man 
knocked her down from behind. 

The man then jumped on her 
back, and a struggle ensued, Hyde 
related The assailant, who accord- 
ing to Harding didn’t say anything 
during the attack, fled when she 
activated a personal alarm. 

She ran back to her friends' 
apartment, where she called police. 

She was taken to a hospital, 
treated for bruises on her knees and 
elbows and a sprained left wrist, 
then released, Hyde said. 

Police and tracking dogs 
searched the park, but did not find 
the man. 

Harding didn’tget a good look at 
her assailant and no one witnessed 
the attack, which lasted less than 
two minutes, Hyde said. 

But, be said, investigators didn’t 
doubt the authenticity of Harding’s 
report. 

“Everything that we’ve looked at 
based on the physical evidence at 
the s renff and her mental state at 
the time certainly suggests it was a 
legitimate” report, Hyde said. 

As to whether the attack was 
planned rather than made at ran- 
dom, be said, “Yon certainly have 
to look at that as a possibility." 

He said the park is in a very quiet 
neighborhood, and that the last 
crime repotted in it was an inde- 
cent exposure a couple years ago. 

Hyde said police would talk to 


Harding again “to backtrack what 
she was doing,” as wdl as to people 
who might have seen something 
suspicious in the area. 

Harding has not been charged in 
the Kerrigan attack, but she has 
been implicated by GiBooly, who 
pleaded guilty to a state racketeer- 
ing charge and faces a two-year 
prison term and a $100,000 fine 

Harding’s sometime bodyguard, 
Shawn Eckardt, 26, and two other 
men, Shane Slant, 22, and Derrick 
Smith, 29, have been charged with 
conspiracy to commit assault based 
on confessions made to FBI agents. 

Earlier, Harding’s lawyers, who 
managed to get her into the Olym- 
pics, where she finished eighth, 
filed an appeal with the U.S. Figure 
Skating Association challenging a 
disciplinary bearing scheduled to 
be held next Thursday. 

A five-member USFSA panel is 
to consider whether Harding 
should be kicked out of the associa- 
tion because of ho- role in the Jan. 6 
attack on Kerrigan, who won the 
silver medal in Norway. Without 
her association membership, Har- 
ding would be banned from the 
world championship s, which begin 
March 22 in Chiba, Japan. 

Harding’s attorneys contend 
that until they have exhausted their 
appeals, the USFSA panel cannot 
take action against her. They want 
any bearing put off until comple- 
tion of the c riminal probe into the 
Kerrigan assault. 

A grand jury in Multnomah 
County, Oregon, which is investi- 
gating the attack, is to deliver its 
final report March 21. 

In Wa shingto n, the Justice De- 
partment said it was examining 
whether suspects in the attack on 
Kerrigan should be charged with 
violating federal racketeering stat- 
utes. Officials said the department 
agreed to look at the case after 
having been asked to two weeks 
ago by the district attorney for 
Multno mah County. 

The UB. attorney's office in Ore- 

lederal laws^were broken, an FBI 
agent in Portland said. 

The district attorney's office 
could not be readied for comment, 
and it was undear a second request 
for federal intervention had been 
made. (AP, Reuters, WP) 


isy -u'-- .• 


atii 

L=*--- 

aw :' r ~ 


Tokio and Galicia Neck and Neck 

■SOUTHAMPTON, England (AP) — The Japanese-New Zealand 
yacht Tokio and Spam’s Galicia 93 Pescanova were tied for the lead with 
the European entry In trum Justitia only three nantical miles behind in the 
Whitbread ’Round the World Race as the fleet headed Friday far stormy 
sees dose to Cape Horn. 

According to race officials, the leading boats were about 700 miles west 
of the Cape and entering a stonny area with strong winds forecast 

The catamaran f.hm, winch is attempting to dreumnavigate the globe 


TrinM Edges Out Brand, Quiros Leading in Golf 

Mullen in Downhill With Olazabal in Hot Pursuit 


NEWS EVENTS WHICH COULD AFFECT 
YOUR LIFE: 


The Associated Press 

ASPEN, Colorado — Hannes Trinkl of Aus- 
tria won his third World Cup race of the season 
Friday, beating Cary Mullen of Canada by 
ihree4umdredths of a second in a downhill 


in 77 days or fewer, reported that it dosing on Cape Horn after adverse lnrit 
winds and hoped to round it in the early boors of Saturday morning. -p r 

For the Record dowi 

Jimmie Jones, the star defensive tackle of the Dallas Cowboys, has 
readied agreement on a four-year contract with the Los Angeles Rams 1 
worth 57^7 million. (TAT) 

England is to play an exhibition soccer match against Norway, one of the raw® 
teams that dumnated it Dram the Wodd Cup, on May 22 at Wembley. (AP) Myj 

Dennis Rodman of San Antonio was suspended a game by the NBA for Hi 
butting John Stockton of Utah in Wednesday night’s game. (AP) j«un 

Quotable 22 

• Kimiko Date, the tennis player who likes to eat Japanese food “It 

wherever she goes: “I know some Japanese people like to copy other ddh, 
cultures because they think it’s cool, but I don’t like that. If you are _ 01; 
Japanese, you should be Japanese everywhere." Umu 

• WflJie Burton, the injured Miami Heat forward who ordered a i pizza 1 .42. 

from the bench and sat there eating it during a rame: “Whars the big “I 
deal? I was hungry, man. It’s not like I committed a crime. level 


Ulrike Maier, on Jan 29. 

Trinkl was tuned in I minute, 38.95 seconds, 
Mullen in 1:38.98, just ahead of World Cup 
downhQl leader Mare Girarddh' of Luxem- 
bourg, who was third in 1:39.06. 

“On every downhill yon need a good pair of 
skis,” said Trinkl who won the Borneo down- 
hill and thesuper-G at Lech. “Today I had that. 
My gliding was not excellent but good." 

His victoiy moved him within 15 points of 
teammate Patrick Ortbeb in the overall down- 
hill standings. Trinkl now has 376 points and 
Ortbeb 1ms 391, with Giarddh still comfortably 
ahead with 462. 

“It’s going to be bard to catch Marc Girar- 
dfJH,” Timid said, adding: Tm doing my best.” 

Olympic gold medalist Tommy Moe of the 
United Slates turned in a disappointing time of 
1:4221. 

“I gave it my best," be said. “I think my edge 
level was off. I had the wrong pair of skis on.” 


Compiled by Ovr Staff From Dispatches 

TORREVIEJA, Spain — Gordon Brand Jr. 
of England shot 6-under-par 66 on Friday to 
share the second-round lead in the Mediterra- 
nean Open with Juan Quiros of Spain, with 
both at 10-under-par 134. Quiros surged to the 
top with his second round of 67. 

Jos6-Maria Olaz&bal of Spain, who is seeking 
his first tour victory in two years, was at 135 
after a second round of 65. But Antonio Gar- 
rido, tiie 50-year-old Spaniard who shot 66 for 
the opening-round laid, needed nine more 
strokes Friday and was at 141. 

• Ray Floyd, 51, who plays where be wants 
when he wants, and Jim Thorpe, 45, who plays 
where be can when be can, shored the lead at 4- 
under-par 68 going into Friday’s second round 
of the Doral- Ryder Open in Miami 

British Open champion Greg Norman 
opened with 71 on a very windy day, while 
England's Nick Faldo began his American sea- 
son with a 73. Fred Couples shot 74 and Nick 
Price, the 1993 tour’s player of the year, shot 75 
in bis first start of the year in the United States. 

Thorpe isn't yet eligible for the seniors, 
hasn’t had a PGA Tour card since 1991 and got 


into the Dora! tournament only as the recipient 
of the last sponsor’s exemption. 

• Phil Mickdson, who is second on the PGA 
Tour money list with $315,845, brake the femur 
in his left leg when he hit a tree while skiing 
Thursday near Flagstaff. Arizona. 

An official at the slope said Mickdson was 
injured on an intermediate course. He had a pin 
inserted just below his hip to just above Ms 
knee, said his agent. Steve Loy. 

The former Arizona State standout told The 
Arizona Republic newspaper in January that he 
knew the risks, but wouldn’t give up skiing. 

“Obviously, it’s not very intelligent in our 
sport because we don’t get guaranteed money," 
Mickdson said. “On the other hand, Fm 23 and 
don’t want to live my life being afraid of getting 
hurt. Tve skied since I was a kid, broken lots of 
skis but never any bones. I guess the wav I look 
at it is if I get hurt, Ih heal." 

“The doctors say he’ll have a 100 percent 
recovery,” Loy said. “PhD will spend about 
three to five days in the hospital. I’ve been told 
there won't be a cast and he should recover in 
four to six weeks, more or less." fAP, NIT) 



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SCOREBOARD 


NBA Standings 

EASTERN CONFERENCE 


m 

■ 

W L 

POt 

• 

tofwYork 

38 19 

-467 

""" 

Oriondo 

34 21 

■618 

r 

Mfam) 

31 25 

J34 


taw Jersey 

29 27 

J18 


Bdnon 

20 36 

357 


PUtodelphta 

20 37 

J51 

- 

WtoWngfen 

1 

17 40 

.296 



Central Division 



AMoma 

40 16 

J14 


CMcoga 

37 1» 

J61 


Owsiand 

34 24 

•566 


Inakna 

29 25 

SS7 


Chnrlotfe 

23 32 

JIB 

y 

Wtaaufcee 

16 40 

M 


Omtoh 

13 43 

3X2. 


WESTERN CONFERENCE 
MldwMt DMHW ■ 





m 


§ 

W L 

^Wstan 

39 19 

too Antonio 

40 17 

Utah 

39 19 

Denver 

27 28 

Mlmtsota 

16 37 

0#ka 

8 49 

* 

Poctflc Dfvtsl 

Stable 

40 14- 


36 18 


3S 22 

Getdn stole 

33 23 

J-A-Uken 

21 33 

U-atooero 

T9 36 

tacromenio 

19 36 








<- THURSDAY’S RESULTS 

Afeafe If n M 13-Mf 

’"frtowtw. J! V * *7* " 

A: Fwnu 0-jj M ji, McroUrW «1 1« » 
M3 M 30; W: M«*iA8n ’MS M a 
EMhi, H2 « Jl. RtfWMfc-AtlonW 5S 
JJ^bSib 131. WOSWnalon 41 t6!» »"W-A * 

J i * i »--An^2i(Mrninmo7»,Wa5hlnVt«’ M 

'Wona 12). „ 

® 

riwWQM 24 26 23 

F. WMtersaeon HMf *« 24 
2* C: KOI M H0 U. Williams M7 
j frw i u Pltf l ti d ri phia 44 fWWMBTM** 
2 Cltvalond 5* [Mills. Willi*"* ' l«- *+ 
i^PWtoaeMtta n (Barrosfl. am»ic«l 
* AMIIIonB SJ. 


MBW JOTMV BBS w-u 

NM York as 27 » 26— *7 

NJ : Coleman 5-14 10-14 20. Anderson MB 34 
17; NY: Erring 10-206-9 28, Anthony 7-T2 3-4 tt. 
RabouMte — now Jersey 48 [Cotoman 10). New 
York SB (Ewing 14>. AMbts-New Jwsev 14 
(Anderson 7), New Yortc 21 [Anthem B>. 
Orlando 22 H 29 20—1*7 

Dallas 19 21 21 27- M 

O: O'Neal l8-29M241HonlaworyS-l01"2W; 

D: MOSttfnirtl B-T7 4-7 20. JOEtaon 9-31 3421. 

Rebound*— Ortando 63 (O'Neal It), Dollas39 
(Mastibum, Hodoe 51. Assists— Ortando 3) 
(Hardaway 121. Danas 17 (Lever 5). 
Pboenlx 26 « » M-W 

Golden State 3* n 2» 47— Ml 

P: Barklev *■» 7-8 26. West M2 MB 21; G: 
AJDhnson 1S-13 W 23. Mallin n-U IH) 25. Re- 
boonds— Phoenix 55 (Barkley Hi. Golden 
State 53 (Webber 11). Atalsts— Phoenix 29 
( KJohnson 7i, Golden State 36 (AJohnson 12). 

Major College Scores 

Ato-Blrmlngham M Dayton 53 
MOrE. Shore Bl. Delaware St. 66 
N. Carolina AST *8. Florida ASM 78 
N.C Charlotte 76. V0. Commonwealth 64 
Kamos 97, Iowa SL 79 
Notre Dame 64. Loyola, HL 64 
Purdue 06, Minnesota 70 
Xavier. Ohio 79, Lu Soil* 77 
Arizona W Washington « 
cs NOrthrldge W. San Dteoo St. 87 
California 82, Oregon 73 
Fresno St. 84, CotaradoSt. 77 
Ictatn SL 88. E. Washington 79 

Beach SL «, Cal SL-Fullerton 87 

New «*xleo 84, BrW«m Young B2. OT 

New Mexico SL 84, Fodflc 73 
STjese St 80, UNLV 74 
Southern Cal «, UCLA 79 
Stanton) W. OnoOR **■ JE 
UC Santa Barbara 81, UC irvtne 77 
Utah 6X TexavEl P«»S6 
Washington St. BQ, Arlxono St. 71 
Wyoming 78. Air force 66 

tournaments 
OM o Valley Ceafereoce 
First Roend 

Mflntaead SI. 83, E. Kentucky 78 
St «. Middle Tena 60 
Tennessee Tech 101. AustI" Ny 91 
Souttwro Coalertace 
First a»wt 
Furman 75, Citadel 70 
VMI 84. Mannall 62 M|mi _ 

Tiwn* AmeriBi AtaWK conwence 
First Roend 
rmrr> pinrida ML Mercer 68 
33»S na mw’totlanaj 67, OT 

Somtonl 78. GoondO St 57 
Stetson VI. SE uwhlona 41 


HOCKEY 


WHLStandftiflS 

EASTERN CONFERENCE 
Atlantic DMalea 



w 

L 

TPIsOFOA 

Bd O^auuMkaaw 

m. ■- WJi iwcij 

41 

18 

4 

86 226 16S 

New Jersey 

35 

20 

9 

79 231 176 

Washington 

31 

27 

6 

6B 203 189 

PhlladetoMa 

29 

31 

4 

62 224 243 

Florida 

26 

27 

U 

62 777 178 

N.Y. Islanders 

27 

29 

6 

60 210 200 

Tampa Bov 

26 

94 

8 

56 176 196 

Northeast Dtvtstan 


Boston 

34 

19 

11 

7V 216 179 

Montreal 

34 

22 

9 

77 219 183 

Phtabureh 

31 

2D 

12 

74 226 221 

Buffalo 

32 

26 

7 

71 218 173 

Quebec 

24 

34 

5 

53 202 220 

Hurt lord 

21 

36 

7 

49 178 218 

Ottawa 

10 

47 

B 

28 159 301 


WESTERN CONFERENCE 
Central Division 



w 

L 

T PtS GF GA 

Detroit 

38 

20 

S 

81 277 113 

Toronto 

34 

» 

11 

7V 213 UO 

Dallas 

3d 

22 

8 

76 225 200 

SL Louts 

32 

2S 

8 

72 209 214 

Chicago 

30 

27 

7 

67 191 179 

Winnipeg 

18 40 ft 
Pacific Dtvtstoa 

44 194 271 

Calgary 

32 

26 

ID 

74 237 206 

Vancouver 

31 

29 

3 

65 213 206 

San Jose 

23 

30 

12 

98 182 214 

Anaheim 

2d 

36 

S 

S3 182 202 

Los Angeles 

22 

3d 

9 

S3 235 2S4 

C-6iuii9hi 

t^maiTon 

18 

39 

10 

44 207 247 


THURSDAY'S RESULTS 
Los Angeles 2 i l — A 

Boston I J W 

First Period: B-Kvortolnov 8 (Neely, 
Oates); LA-Conacher 10 [Biafeet; LA-Wonl 
10 (2NMk.Greftfcy) : BNMN47 (Kwtalnotf. 
Bourave). second period: B-5monmkI 2Z B- 
Kvartabwv 9 (Bourque, Neely) (no); LA- 
Kutrl 28 (McSorlev, Zhttnlk): S-ttofihm 9 
(Stumaei Bourque). ThW Period: ljlshif 
ctiuk3(McRwnok&Danneflv};)B-Stumpel7 
(Hushes. Murray). 5hots on goal: LA (on 
Casey) 13+8-30. B (on Stauber) ra-U-w-at 
New Jersey 8 13 1-4 

Tompa Bar 0 3 18-4 

Pint Period: Nanosecond Period: T-Elvtv 
ufle 9 (Oanbers. DIMato); (on). T-Sowrd T2 
(DiMala. Tucker) ;NJ.-Zdcpiikln 22 (Chonke. 
Carpen te r I ; T-Tudter It (Savard. Jasenhl; 
ThM Period: NLleHcUlk 7 (McKay. Smith); 
N-L-Nledennayar 10 (Driver, Cuertn); ton). 
Nj.-Millen 18< Guerin, ZetenuUn); THWMato 7 
(OtambcraLOvertlihB: NJ.-MOCLBOSI30 (Ho- 


mo. Starts on uoal: NJ. (on Puma) 10-14-13- 
1-38. T (on Terrert) 10-104-2-31. 
Vancomer 2 0 *— 4 

St tools 0 8 8-fl 

First Period: V-Ranfllng IV (Lumnw. Court- 
nail) (PP); v-Bure 37 iLummt McLean) 
(pp). Third Period: V-Bure 3S ( RonnlnB, Lin- 
den) (dp).- V-Grtlnos 13 (Bure. Craven) (po). 
snots on aoal: v (on joseoti) 12-7-15-34. sj_ 
(on McLean) T0-1S3— 31 
Cotaary > 1 *— 7 

f*- 1 — -e* 1 3 0—4 

First Period: C-Raberts 27 IFleury) (Ni); 
Ch-R. Sutter II (Lemletni. Ruuttu). Second 
Period: OvRoertck 34; c-Fieurv Z7 IK Wo. 
Roberts); Ch- Noonan 14 ( Russell. B. Sutler); 
C-B. Sutter 6 (Murphy, Roenlcfc) (po). Shots 
oagoal: C (on Be Hour) 3-7-7—17. Ch (on Kidd) 
188-11-381 

0 1 1-4 

Sou Jem ' * w 

Ftrsl Period: S-LOmIItbIi IB (Mokartw, Non- 
ton). Second Period: E -Grieve 6 (Kravchuk, 
Bynkln) (na); SJ.-WWtney 7 (Lolor); SJ.-€or- 
pentov 14 (Larionov, OeoJInsti). Third Period: 
SJ^Matarw21 (Norton. Gonwnlov); E-Pecr^ 
son 14 (Podela, Arnott). Shots oo mat: E (on 
irtw) 6-8-7—21. SJ. (on Ranfbrd) M08-2S. 


BASEBALL 
Amoricofl League 

BOSTO N A gre e d to terms with Mo 
VDugfm. Scott Cooaer and Lula Ortiz, mnekt- 
orsf Aaron Sele, Paul QuonfrllL Joe Caruso. 
Joe Ctccaretfa Brian Conroy, Car Finnvoid, 
Rob Henkel and Scott Taylor, pitchers; Scott 
Hattebere. catcher; and Jose Maiave, out- 
fielder, on l-yew uu il fuel s. 

CALIFORNIA— Agreed to terms wllh Chad 
Curtis, outfielder, and Gary DISardna, short - 
stop, on 3-year contracts, and Tkn Salmon, 
outfielder, on 4-vear eentreet 

KANSAS CITY— -Agreed I* terms with Ter- 
ry Shumoerl and Bob Hamel In, Inflcldeo; 
Tom Goodwto, outfielder; ond Mike Mag- 
nante m Enrtque Burgas, pitchers. 

MILWAUKEE— Signed CW Eld red- Pilch- 
er, and Juan BeU, InHeWef. 

OAKLAND— Agreed to tenra with Stove 
Konay. Mtauel Jimenez. Vince Horsman and 
Roger Smithbera, pitchers; Troy Neel and 
Jaw Herrara, eutfieidera; ond Eric Heitand. 
catcher, on 1-year contracts. 

SEATTLE— Agreed to terms with Mine 
Btowen, thlnf haseman, an 2-vear coat rad; 
Brad Holman and Rich DeLuda, Pitchers; 
Rich Amaral and Greg PM. tofieklers; Dan 
Wilson, ca tcher; and Lee Tinsley, outfielder, 

on i-year contracts. 


Nat boon! League 

CHICAGO CUBS — Agreed to terms nlih 
Derrick Mov. outfielder, and Lance Dickson, 
pitcher, on one- year contract s . R e newed toe 
contracts of Rick Wilkins, catcher, and Rev 
Sanenm, infletder. 

L-A. DODGERS— A greed to terms wHtiJooe 
Oftormcn, shortstop, on 2-vaor eon trod and 
Kip Grass and Pedro Astado, pitchers, on 1- 
veor cu n fractal 

SAN Ot EGO— Renewed the contract at 
Dove Slaton, first baseman. 

SAN FRANCISCO— Agreed to terms with 
Rod Beck. Pitcher; Rover Clayton, shortstop; 
and Darren Lewis, outfielder; Brvan Hlcker- 
son. Dave Burba and Kevin Rogers, pitchers, 
ond Steve Scarsone and John Pa tter so n, bt- 
flelders. on t-vear contracts. 

BASKETBALL 

National Basketball Assodatlaa 
MILWAUKEE— Signed Joe Courtney, tor- 
ward. 

MIAMI— Signed Glen Rice, forward, to a 
multiyear amtraeL 

SAC RAMEN TO-signed Andre Spencer, 
forward, to 10-dav contract. 

WASHINGTON— Activated Rex Chapman, 
guard, from Mured list. Placed Colbert 
□waney. guard, on Inland list 
PHOENIX— Ptoced Oliver Miller, center, 
on Inlured list Activated Frank Johnson, 
guard, from Inlured Ibt. 

FOOTBALL 

NoWonol Football League 
BUFFALO— Signed Chris Mohr, punter, to 
3-yeer c on t rac t. 

DETROIT— Named Howard Tippett spe- 
cial teams coach 

GREEN BAY— Signed Mike Evans, defen- 
sive end. 

JACKSONVILLE JAGUARS-Named Ml- 
cftoelHuvgbuevtce president of football oper- 
ations and Fran Fdev. Rondv Edsoil and Jer- 
ald Ingram assistant coaches. 

LA- RAMS— Named Wayne Sevier special 
teams coach. 

N.Y. JETS— Signed Roger Dulfy, offensive 
lineman, and Charlie Baumann, kldutr. 

MIAMI— waived Scott Miller, wide 
redever. 

san DlEGO-Stoned DwayneHorper.Mf- 
nerboefc. to 3-veor can trod, and Walter Dtm- 
son, wide receiver. 

PHOENIX— Stoned Jeff F nodes, punter. 
HOCKEY 

Nafiemi Hockey LeoetM 
FLORIDA— Recalled Patrick Leboau, left 
wing. From CtoclrmatL IHL Sent Jeff Green* 
law, left wing, to clndnnoiL 
MONTREAL— Assigned Brian Savage and 
Jim Campbell, centers. to Fredericton. AH1- 
nj. DEVILS— Assigned Brian Ralston, 


confer, and Mike Dunham, aoolle, to Albany. 
AHL 

ST. LOUIS— Recalled Ion Lrtwrrt c re, can- 
ter. from Drummond vine of Quebec MJHL. 

TAMPA BAY— Recalled Chris LtPumo, de- 
fenseman, from Atlanta, IHL 
COLLEGE 

B E LMON T ABBE Y— Named Julie LeVeek 
oth let Ic director and softball coach and David 
Taylor women's soccer coach. 

BOSTON COLLEGE— Named Dim Hen- 
ning football coach 

CALIFORNIA— Promoted Jay Havas to 
spedal learns coordinator In addition to his 
position as linebackers and sirens safeties 
coach. 

CHARLESTON 50UTHERN— Homed 

Mike Estes men's soccer coach 

CREIGHTON— Rick Johnson, men's bas* 
krtball coach resigned. 

DAYTON— Fired Jim O'Brien, men's bas- 
ketball cooch, 

FLORIDA— Named Bobby Pruett defen- 
sive coordinator. 

FLORIDA ST— Signed Marvntril Meadors, 
women's basketball coach, to l-vear ooniract. 

World Cup Skiing 

Resclhrt mart downWH race ao Friday, In 
Aspen, Colorado: 1, Hannes Trinkl, Austria, I 
mbwle 38 95 seconds; X Cary Mullen Canada, 
1:3858; 1 Marc GiranMti, Luxembourg, 
1:3946; 4, Franc hcJnnr. Switzerland, 1:3M1; 
& Afle SkaardaL Norway, 1:3946; 6, Franco 
CaveghSwftzerlaKi, 1:3941; 7.(«e> Ed Podl- 
vlnsky, Canada end Pietro Vital in I (Italy] 

1 -MMi 9, Wtllkim Besset Swttzerfand. 1 :39J3: 
10. Daniel Mahrer. Switzerland, lafjj, 

EUROPEAN CUP WINNERS' CUP 
Qiarter Floats, First Leg 
Real Madrid a Parts SL Germain 1 
Alax Amsterdam IL Parma, Italy 0 
UEFA CUP 

Quarter Ftoabb Whw Leg 
Salzburg L Elntrocht Frankfurt 0 


\ME3m. 

\wK~mi 

jfiiciraas 

irwujHl 

mr~wm 

flffttr 

■NTTBUX 

rorgg | 

'Mvflli'Ml 

lore^saa 





Yes, 1 wbnf to start receiving the IHT. This is the subscription term I prefer 
(check appropriate boxes): 5-3-94 

□ 12 months [364 issues in ail wifli 52 bonus issues). 

Q 6 months (182 issues in aflvwth 26 bonus issues). 

I~1 3 months (91 issues in aB with 13 bonus issues). 

B My check is endosed (payable to Ihe Inlemafiond Herd^ 

Please charge my; n American Express □ Diners Qub □ VISA 


□ American Express □ Diners Qub □ 
G MasterCard □ Eurocord □ Access 


_ nji-'f-y-.-s's 


FIRST CRICKET TEST 
South African vs. Australia 
Friday, In Johannwbgrg 
South Africa 1st innings: 251 (802 overs) 
Australia 1st innings: 34 (7 avers) 


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FOR BUSINESS ORDSB, fiEASE INDICATE YOUR m NUMBER: 

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ITIX: JJ.la40.tr UOD1 - MX •M.ladOdr YdOl ~ 

7Tuso/&re<pinBA1ofdi3/. 1 994, and a amHable fct new subscribers only. J 

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Hcrala^feenbunc 


i 











X I I 3 ^1 


Page 24 


DAVE BARRY 


Of Moss and Music 


M IAMI — Why don't regular 
people like classical music? 
This is the question that was posed 
to me recently in a letter from 
Timothy W. Muffin, the music di- 
rector of the University of Texas 
Symphony Orchestra, which has 
gained international acclaim far its 
rendition of “Acihy Breaky Heart.” 

No, I’m sure it’s a fine orchestra 
that plays a serious program of 
classical music featuring numerous 
notes, sharps, flats, clefs, bassoons, 
deceased audience members etc. 

Anyway, Mr. Muffin states that 
he has been asked to conduct a 
series of concerts for the Louisiana 
Philhar monic Orchestra next fall; 
the goal is “to get people into the 
concert hall other than those who 
usually come." He asks; “What 
would get the average Joe into the 
concert ball? Do you go to classical 
music concerts? Why or why not?” 

Our first task is to define exactly 
what we mean by “classical music." 
When we look in volume “M" of 
our son’s World Book Encyclope- 
dia, we find, on pages 83S-9, the 
following statement: “Mosses grow 
and reproduce in two phases — 
‘sexual’ and ‘asexuaL’” Not only 
that, but during the “sexual” phase, 
the moss develops “special or- 
gans,” and when the time is ripe, 
“they burst and release hundreds of 
spenn cells." 

Do you believe it? MOSS! Grow- 
ing organs! Having sex! Probably 
smoking little one-ceDed cigarettes 
afterward! Parents, this could be 
gang on in YOUR COMMUNI- 
TY. 1 think we should alert the 
Reverend Pal Robertson. 


But we also need to define “clas- 
sical music." A little farther on in 
the World Book, we come to the 
section on music, which states: 
“There are two chief kinds of West- 
ern music, classical and popular ” 
Thus we see that “classical music” 
is defined, technically, as “music 
that is not popular ” This could be 
one reason why the “average Joe" 
does not care for it. 

1 myself am not a big fan. I will 
go to a classical concert only under 
very special circumstances, such as 
that I have been told to make a 
ransom payment there. But until I 
got this letter from Mr. Muffin. 1 
□ever knew why I felt this way. I've 
been thinking about it, and I have 
come up with what I believe are the 


INTERNATIONAL 



TRIBUNE, SATURDAY-SUNDAY, MARCH 5-6, 1994 




three main problems with classical 
music; 

1. rrs CONFUSING. With 
“popular” muse, you understand 
what’s happening. For example, in 
the song ^Long Tall Salty," when 
Little Richard sings, “Long Tall 
Sally, she’s built for speed,” yon 
can be certain that the next line is 
going to follow logically ("She got 
everything that Uncle John neecT), 
and then there will be the chorus, 
or, as it is known technically, “the 
‘oohbaby’ part” Whereas in classi- 
cal music, you never know WHAT 
win happen next Sometimes the 
musicians stop completely in the 
middle of the song, thereby causing 
the average Joe, who is hoping that 
the song is over, to start clapping, 
whereupon the deceased audience 
members come back to life and give 
him dirty looks, and he feds like a 
big dope. 

2. IT TAKES TOO LONG. The 
Shangri-Las, performing “Leader 
of the Pack," take only about four 
minutes to tell a dramatic and mov- 
ing story — including a motorcycle 
crash. A classical orchestra can 
take five times that long just to sit 
down. There needs to be more of an 
emphasis on speed. There could be 
Symphony Sprints, wherein two or- 
chestras would compete head-to- 
head to see who could get through a 
given piece of music the fastest 
There could even be defense, 
wherein for example the trombone 
players would void their spit valves 
at the opposing violin section. This 
would be good, because: 

3. IT NEEDS MORE ACTION. 
When I was in college, I saw the 
great blues harmonica player 
James Cotton give a performance 
of “Rockin’ Robin" wherein he 
stnek his harmonica into his 
mouth, held his arms out sideways 
like an airplane, and toppled head- 
first off an eight-foot stage into the 
crowd, where he landed safely on a 
cushion of college students and 
completed the song in the prone 
position. 

I am not saying that classical 
musicians should do these things. I 
am just saying, Mr. Muffin, that 
until the average Joe can expect 
this level of entertainment from 
classical music, he is probably go- 
ing to stay home watching TV, 
stuck to Ms sofa like moss on a 
rock. But with less of a sex life. 

Knighi-Ridder Newspapers 


International Herald Tribune- 

L ONDON — On Monday evening, 
Baron Diamond wfl] rise in the House 
of Lords to present a bill remarkable for 
its brevity — it is only 205 words long — 
and for its revolutionary intent. The bill 
will do away with male primogeniture and 
allow the oldest child, daughter or son, to 
succeed to an hereditary peerage. 

It is the first such bin in the history of 
the House cf Lords and is guaranteed to 
make some long and noble teeth rattle. 
“The tradition against women succeeding 

MARY BLUME 

to hereditary titles goes back many centu- 
ries and the Honse of Lords is the home of 
tradition,” Lord Diamond said in the dec- 
orous viators’ tearoom. Short and feisty, 
with his necktie tucked squarely into Ms 
trouser top. Diamond, 86, says that he is a 
whipperenapper and an upstart in the 
House. His fellow peers call him Jack. 

Long a Labor MP, then a Social Demo- 
crat and now an independent, John Dia- 
mond became a life baron in 1970 and as 
such has nothing to gain or lose from his 
bilL His aim is to end what he calls a gross 
injustice to women. 

“The House has passed legislation 
against discrimination against women and 
in favor of equal opportunities, and I 
couldn’t help but think as 1 listened to 
their speeches how unfortunate h was that 
in their own affairs the Lords were doing 
quite the opposite.” 

Diamond began thinking about sex dis- 
crimination in the Lords about 10 years 
ago and says be was encouraged by the 
then-leader of the House. Lady Young, 

whn hinted that he might think of bringing 

a private member’s biBL 
The first version of the Hereditary Peer- 

S Bfll was presented in late 1992 and 
: there were 14 speeches in favor and 
only 10 agpinst, it was rejected. A problem 
was that in this version each hereditary 
peer was given the option of either con- 
tinuing in the present tradition or of 
choosing whether to be succeeded by an 
eldest (mild, female or male. 

While some peers with daughters whose 
titles would pass on to a distant and per- 
haps unknown relation favored the bill. 
Diamond realized be was wrong to have 
suggested a choice. As Lord Longford — 
whose eldest child, the writer Lady An- 
tonia Fraser, would succeed him had the 
law been effect at her birth — remarked to 
the press: 

“I am in favor of the eldest child suc- 
ceeding to the title, whether a girl or a boy 
. . .but I am not in favor of choice. It is not 
reasonable for a father to dangle the pros- 
pect of a tide in front of children through- 
out them lives.” 


Diamond realizes now that choice was 
an element in the defeat of the first version 
of Ms bill: “I thought it was the gentle way 
in, I didn't want to impose my will on 
peers who frit very strongly to the con- 
trary. 

“I was surprised to find from nearly all 
the speeches made, almost without excep- 
tion. that the one dung they did not like 
was having the choice because that would 
create family dissension and that they 
would prefer bong told what to do. So the 
amended bill does not give any option." 

The am end ed version provides that the 
eldest lawfully begotten child shall suc- 
ceed or, if the letters patent permit the 
peerage to pass to some other relative, this 
relative will succeed, whether female or 
male. 

As an unguent, the amended bill also 
provides that peers who have a son over 
the a£e of 18 will see that son succeed, 
even U there is an older daughter, and that 
if the heir is another relative the new act 
will not apply for another 10 years. Even 
so. Diamond knows he faces strong oppo- 
sition and expects Lord Shrewsbury, the 
premier eari in the peerage of England and 
Ireland, to move that the bill be shelved 
when debate opens on Monday. 

Lord Denham, who opposed the bill the 
first time around, will probably do so 
a gain — “By nature be is against changing 
history, as he calls it,” Diamond says — 
while Lord Montgomery of Alamein has 
pledged support He has a son but his son 
has three daughters. Diamond does not 
expect that Baroness Thatcher, a life peer, 
win bother to attend the debate. 

If the biB passes after Monday’s second 
reading (the first reading is a mere formali- 
ty), it will then go to committee stage 
where legal experts will iron out such ques- 
tions — potentially more significant than 
a title — as property inheritance if male 
primogeniture is abolished (Diamond’s 
view is that pr o p e rt y and title could be 
bequeathed separately). 

In England a woman can succeed to the 
throne but not to an hereditary title except 
in rare cases: of 774 hereditary peers, 17, 
or just over 2 percent, are women and they 
have only been allowed to take their seats 
since 1963. The hereditary peeresses. Dia- 
mond says, were not necessarily in favor of 
his MIL 

“One of them said that the proper place 
for women is in the kitchen and having 
babies. She got out of the kitchen but 
didn't think anyone else should.” 

He is not entirely sanguine about the 
passage of Ms bQl: “This is the home of 
reaction, of traditionalism, and therefore I 
expect objections to anything that pre- 
sents a change," he said. “The House of 
Lords believes in equal opportunities as 
long as the Lords is left alone." 



Lord Diamond, inset; the Honse of Lords. 


Ream Caaen Pros (mxf) 


Diamond’s bill can be seen as a thin- 
end-of-ih e-wedge measure to further 
change what was once a purely hereditary 
membership. The first major transforma- 
tion came with the introduction of life 
peerages in 19SS. “No one attempts to 
justify that bring born in the right cradle 
enables the occupant of that cradle to 
legislate,” Diamond said. He views life 
peers as much harder workine than heredi- 
tary peas, many of whom So not attend 
debates. 

Diamond would like to see more strin- 
gent standards applied to the creation of 
life peerages and ultimately to have as 
much as half the House of Lords elected. 
He knows this is utopian since it means 
that the Lords, which already has twice as 
many mem bos as Commons, would then 
become stronger than it is now. “And the 


House of Commons is very jealous about 
this," he said. 

But Ms present concern is redressing 
what he regards as injustice to women. 
“It’s very odd indeed that the House 
should be in the forefront of eliminating 
discrimination against women and in its 
own backyard be so aggressive about al- 
lowing women to participate in one of the 
most Important workshops in the coun- 
try." 

Potential supporters of Ms bill range 
from progressives to hidebound lends who 
cannot bear to think of their titles going to 
an uncouth cousin in Australia. Diamond 
looks forward to the fight. 

“I am used to having to fight my way 
through and through sheer Yorkshire 
stubbornness to get there are the end of 
the day, one way or the other,” he said. 


PEOPLE 

Ida as a NewWave 9 : 

Will Sheor Won't Ske? 

Is Efizabeth Taylor really gpb» 
to star in a TV series? Paramount 
Television Group says yes, it fc ne- 
gotiating with her to play a wealthy 
woman in “Daughters of Eve." * 
Taylor would reportedly be paid * 
dose to $125,000 per episode. But 
an employee of the William Morris 
Agency, which represents Taylor* < 

says she doesn't plan to appear # ? 
that or any other TV series. Stay 
tuned for the next installment. , 

.□ • 

Jack Nicholson, accused of 
breaking a motorist's windhshidd 
with a golf dub, has turned up on 
Los Angeles Police Department 
posters advertising its got touma- 



Commander Dave Gascon, a police 
spokesman: “He’s innocent until 
he's proven guilty.” Nicholson faces 
arraignment on March 31. 

□ 

Princess Duma’s brother says a 
report that he wrote her a critical 
letter is “malicious rubbish." To- 
day newspaper said a leaked letter 
from Charles Aithorp warned Di- 
ana that She risked damaging hw 
image if she didn’t sum making 
public appearances. Said Aithorp: 

“I have never been anything but 
supportive of my sister and 1 resent 
a newspaper using me to get across 
its own misguided views.” 

□ 

A man carrying a knife-in a 
crowd waiting for Prince Charier 
was arrested Thursday night in 
London. No one was hart and there 
was no indication whether Charles 
was an intended target. 

□ 

Cfint Eastwood is getting tough ' 
with the National Enquirer. He is ' 
gimg the tabloid for publishing an 


i 


v?r 


interview he says never took place. 
The suit stems from an article pub- 
lished in its Dec. 21, 1993, issue. 

□ 

Tough guy Mickey Rotuke can 
now legitimately use his fists. The 
actor will give boxing lessons to 
underprivileged children in Miami 
under an agreement that spares 
Mm from going to jail for reststing 
arrest 


IIVTERIVAMOIYAL 

CLASSIFIED 

Appear* on Pages 8 & 11 


WEATHER 


POSTCARD 


Europe 





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6/43 

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14*7 

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16*1 

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16*1 

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Bdpod* 

9/49 

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13*6 

307 a 

Bwt» 

14*7 

408 


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Baaaete 

12/53 

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Butapmi 

8/46 

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Copmhmn 

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Casta Dd Sal 

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Forecast for Sunday through Tuesday, as provided by Accu-Weather. 




-/r-, 'j. 




M ■ J-fc Tudmy Tammrow 

iCsp- High Law w Won Law W 

PflggS , OF CtF OF OF 

vWS. Bangkok 34 m 25/77 pc 34/93 28/7* pc 

>• ' , • :V: Be^ng 16*9 4/30 pc 14/57 O® pc 

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F - ^ Mania sola* am ah am am pc 

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Jdt’JSn Tokyo 5/41 -2/29 pc 10/50 2/35 pc 


I Ur uanj ii « M|i 
COM 


1 U nuwuiu rwMy 
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North America 

A storm will bring heavy 
■nows to iho Rocky Moun- 
tains Sunday and Monday. 
The storm wn move into the 
Lower Mississippi River Vol- 
ley Tuesdny with scattered 
rains and thunderstorms, 
some of which may be 
heavy. The East Coast win 
be mainly dry for a change. 


Europe 

Heavy rains and wind will 
persist from Ireland to Scot- 
land early next week. Lon- 
don may even see a few 
showers. Parts wffl enjoy dry. 
seasonable weather. Cold 
dr ni be confined to the tar 
north with Moscow experi- 
encing chilly temperatures 
aid Hurries. 


Asia 

A storm may affect Tokyo 
and Seoul early next week 
wHh rah and wnd. Much of 
China w3l be dry, with very 
cokf air in the far north. Just 
a scattering of sh owers and 
thunderstorms to expected 
from the Philippines to 
Malaysia with very warm and 
humid air ftmly entrenched. 


| £7 ***» 

Algkm 
Capa Tom 
I Tokyo CaanhtencB 


19*6 12/53 pc 18/84 
27/80 18/84 pc 27/80 
19 / 8 B 7/44 pc 18/84 

am 7/44 pc 29*4 
31*8 26/79 pc 32/89 
27 /BO 11/53 pc 27*0 
23/73 9/48 pc 20 *D 


Middle East Latin America 

Today Tomorrow Today Tomorrow 

Hgh Low W High Low W Mgh Low W H&i Low IT 

C/F C/F OF C/F OF OF GIF « 

Baku 22/71 12*3 pc 18*4 11*2 pc BuanoaMw 26/79 18*4 pc 25/78 17*2 a 

Cake 27*0 9/48 pc am 11/52 pc Caracas 29*4 23/73 pc 29/84 23/73 pc 

DBOBBCUa 19*5 6 M 3 pc 15*9 4*9 pc UlN 25/77 20*8 pc 27*0 21/70 pc 

Jamailam 19*5 9/45 pc 16*1 5/40 pc UaxfcoCty 23/73 0/46 pc 25/77 5/46 pc 

Luxor 33*1 11*2 pc 32*9 12*3 pc RbdaJmko 2 B *2 a /73 pc 29*4 24/75 pc 

FSyadh 25/77 12*3 pc 28*2 15*9 pc Smriago 31*8 16*1 a 38*7 19*8 pc 

Legend: eeunny, poparfiy cloudy, odoutfy, to-showara, MhundBratoma. r-rain, sf-anow Wintoa. 
ananow, Hco, w-waafwr. M maps, knena said data proaided by Accu-Weather, he. <d 1994 


Today Tmonow 

Mgh Low W Mgh Low W 

C* OF OF OF 

22 m 12*3 pc 18*4 11*2 pc 

27*0 9/48 pc am 11/52 pc 

19*6 6/43 pc 15*9 4*9 pc 

19*6 9/45 pc MAI 8/48 pc 

33*1 11*2 pc 32*9 12*3 pc 

25/77 12*3 pc 28*2 15*9 pc 


North America 

Anchorage -fl/ie .11 

Mama 21/70 1 

Bosun 6/43 -t 

Oacago 9/48 : 

Denmr 18*1 1 

DM 8/48 -1 

Horn** 27/80 21 

Howto! 23/73 U 

U» Angeles 21/70 It 


Toronto 

WuMxA>i 


Nell’s; A Hardy Survivor in New York’s Fickle Nightlife 


By John Marchese 

New York Tunes Service 

N EW YORK — Perched on a red leather 
banquette, squeezed behind a hand-paint- 
ed cafe table in the nightclub named after her, 
Laura (Nell) Campbell raised her arms and 
waved them from side to side. 

“This is what I've heard they do,” she said, 
“those rave people. They’re all doing ecstasy 
and whole rooms full of them do this For hours 
on end." She feigned a happy trance and 
swayed her arms for a moment, then dropped 
her hands demurely into her lap and said, “I 
really have to go to one sometime.” 

There was a time when all the raves were for 
Campbell and Nell's. Though there is a decided 
after-dark democracy these days, in which ele- 
gant supper clubs or expensive, high-tech discos 
seem to bold no more cachet than the roving 
and often illegal downtown dance parties called 
raves, nightlife was once a monarchy, and 
Canqibdl was queen. 

And in an industry where the life spans of 
even the well-financed megadubs rival those of 
butterflies for briefness, Nell's, surprisingly, 
has survived for more than seven years. 

Whatever the varied reasons for Nell’s lon- 
gevity, the dub had a brilliant beginning. Al- 


most from the moment that Campbell set up 
the velvet ropes outride a former electronics 
store at 246 West 14th Street in 1986, people 
lined up behind them, longing to get in. 

inside was a scene of decadent Victorian 
elegance, a small space that had been converted 
— with deft use of wood paneling, beaded 
chandeliers, tufted velvet sofas and Oriental 
nigs — into what seemed the drawing room of a 
somewhat dissolute English aristocrat 

“Nell’s appeared as anew concept at the time 
it opened,” Rudolf Pieper, a nightclub impresa- 
rio, said recently. “Remember, back then the 
major dubs were big clubs, and this was going 
bade to an intimate sort of gentleman's dub. 
And people went for that like crazy.” 

Despite its elite pretensions, Nell’s opened 
with a rare policy of charging everyone J5 and 
letting everyone in (most other dubs let select 
people in free and charged others S2Q). But 
Neil’s had a capacity of only 250. and so many 
people showed up that the policy became im- 
possible. 

When Bob Colacdlo made it past the ropes 
to write about the place for Vanity Fair in early 
1987, he noticed that “the young English aristo- 
crats are here, but so are the American art stars. 


including Papa Warhol Mmself.” The article' 
also mentioned Mick Jagger, Jerry Hall. Bianca 
Jagger, Princess Aiessandra Borghese, and Cal- 
vin and Kelly Klein, Lauren Hutton and Debo- 
rah Harry. 

Soon, other dubs copying Nell's intimacy 
and retro style were opening all over town. 

The trendies, of course, eventually moved op. 
Some simply came in from cold. By the time 
Warhol died in 1987, the fabulous folks who, 
bad made op the hard-partying nndeus of the 
Studio 54 crowd had permanently disbanded. 

The young writers and editors who chroni- 
ded the dub scene have moved on to other 
subjects and quieter lives. If Nell's was once hot 
as a flame, it’s heat came largely from people 
burning the candle at both ends. It couldn’t 
continue forever. 

Somehow, NeLTs has become, an institution 
in a demimonde that shuns institutions. Basi- 
cally, anyone with S10 (less on some nights) 
gets past the ropes. 

“I think that exclusivity was more the reputa- 
tion than the fact,” Campbell said. “Certainly - 
it’s not like that now.” A few months ago the 
name “Neff's” actually went up on the awning 
outside the dub for the first time. 


mu 


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Itthod 1 ** 


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ad* 15500-11 

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• " 00*0312 .Malawi** 


AFRICA 

(Cairo) 


© 1994 AUET 


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